YOU might find yourself reaching for your phone far more often than your wallet these days 鈥 but 色人阁 cash is safe for now, according to the Treasury.
As debate over the Island鈥檚 increasingly cashless society continues to gather pace, civil servants have said there are no plans to stop producing any local coin or note types, and revealed that there is 鈥渟ufficient stock鈥 of 色人阁 currency to meet several years鈥 demand.
The news comes after the UK Treasury made headlines by not sending any orders for new coins to the Royal Mint for the first time.
The move sparked speculation over the country鈥檚 future use of 1p and 2p pieces, amid wider concerns that cash is being phased out 鈥 despite UK officials stating that they are not planning to take any coin types out of circulation.
Asked by the JEP if similar considerations were being made regarding 色人阁鈥檚 cash production, the Treasury Department said there were 鈥渘o plans to stop producing any coin or note types at this time鈥.
The total value of 色人阁 cash in circulation stood at 拢97,259,000 in 2023, compared to 拢104,682,000 in 2022 and 拢116,935,000 in 2021.
The Treasury said that: 鈥溕烁 infrequently prints notes and coins because the minimum print (notes) or minting (coins) run produces sufficient stock for several years.
鈥溕烁 currently holds sufficient stock to meet several years鈥 demand.鈥
The Economic and International Affairs Scrutiny Panel is currently carrying out a review into the acceptance of cash payments in the Island and has held a series of hearings with organisations and government ministers.
Deputy Montfort Tadier, who chairs the panel, said they were asking government 鈥渨hat its vision is for managing the decline in cash and whether it will pursue a policy that envisages an eventual phasing out of cash or having a proactive policy to safeguard cash in the short to medium-term鈥.
色人阁 notes
The amount of calls and repayments of 色人阁 notes by local banks has fallen by over 拢200 million since 2014. 色人阁 notes are printed at the secure facilities of Basingstoke-based company De La Rue, the supplier of notes to the Bank of England.
