The amount of physical dollars in circulation spiked to $1.89 trillion, as of the Federal Reserve’s balance sheet on April 16, having jumped 9.1% compared to a year earlier.
The total value of euro banknotes in circulation in March, as countries across the Eurozone went into Covid-19 triggered lockdowns, increased by €36 billion from February, to €1.31 trillion, according to the ECB. It was the fastest monthly increase since October 2008. And it was up 8.1% from a year earlier. This all happened as consumption in the region slumped to unprecedented levels.
This sudden spike like this is a sign that local people are hoarding cash during times of uncertainty
The Fed has estimated that around 70% of 100 dollar bills, which account for nearly 80% of the total value of U.S. currency, are held abroad.
https://wolfstreet.com/2020/04/19/demand-for-physical-dollars-euros-spikes-despite-fears-of-covid-19-contaminated-cash/
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