‘Stay Calm and Keep Cash’: European Central Bank Calls for Keeping Cash at Home
A note published this Wednesday on the website of the European Central Bank explains the benefit of always keeping a certain amount of cash at home
This is nothing more and nothing less than common sense advice, reminiscent of our parents’ or grandparents’ nest egg. But when it comes from the European Central Bank, in the current troubled times, the title “Stay Calm” can take on its full meaning.
The European monetary institution does not intend to create panic, but to recall, in a note published this Wednesday 24th September on its website, the benefit of keeping a sum of cash at home to deal with sudden risks, such as the Covid-19 pandemic or the giant power outage that hit Spain a few months ago.
Between 70 and 100 euros per person is the amount that the ECB encourages to keep in households, “a sum sufficient to cover essential needs for three days”, she explains.
READ ALSO: Money – the French withdraw cash less often, but larger sums, according to the Banque de France
Paradoxical, while cash payments are becoming rarer from year to year, in favuor of dematerialization.
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