THE number of Jersey notes being ordered by local banks each year has fallen by over £200 million since 2014.
While Covid spurred Islanders to move away from cash payments, it seems the decline was already well in motion prior to the pandemic, new figures have revealed.
Economic Development Minister Kirsten Morel highlighted the figures in response to a review examining the use of cash in the Island.
The topic of cash recently became a point of conversation and the subject of a proposition, after an Islander with autism was prevented from going swimming at Les Quennevais Sports Centre after trying to pay with cash in December, following the introduction of a cashless policy in 2020.
In his letter to the Economic and International Affairs Scrutiny Panel, Deputy Morel said Jersey had seen “a steady move away from the use of cash in recent years”.
He wrote: “The Department for Economy does not have a policy position in respect of cash payments and individual businesses are free to accept transactions in the manner that best suits them.”
He continued: “Anecdotally we are aware of examples, particularly in hospitality, travel and retail, in Jersey where either cash or card payments are refused.
“The consumer ultimately wants choice and flexibility, especially during periods where budgeting is more challenging.”
Deputy Morel added that there were “currently no plans for legislation on the use of cash”, but that “some restrictions (such as total limits) are in place via the Island’s anti-money laundering legislation”.
The Economic Development Minister included a table showing demand for Jersey notes [see chart below].
Jersey notes are printed at the secure facilities of Basingstoke-based company De La Rue, the supplier of notes to the Bank of England.
Deputy Morel added: “The large offsetting nature of the transactions often reflects banks replacing old notes, which are often subsequently destroyed, for new.
“I hope the above information provides clarity to the areas you have raised and look forward to working with the panel as it investigates this important area.”
