Rural communities in New Zealand will be invited to take part in the trials
The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has announced that it will be conducting community cash trials in rural New Zealand communities that do not have commercial bank services like over-the-counter or ATM cash services. This is to help individuals and retailers in withdrawing and depositing cash.
“We know that New Zealanders, particularly in rural areas, still often rely on cash and value the certainty and convenience it provides, including when electronic options aren’t available or are off-line as we saw for large parts of the country during Cyclone Gabrielle,” said Ian Woolford, RBNZ’s director of money and cash.
“This research project recognises the important role of retailers in the cash system and will test ways of ensuring that cash remains easy to get, spend, give as change, and bank.”
Starting next year, RBNZ will be funding the trials which will test new ways for individuals and retailers to withdraw and deposit cash as well as change and takings at little or no cost.
Woolford said that RBNZ will be looking for two or three districts which have communities with populations less than 10,000 and have either lost most or all bank-provided counter and cash services.
“We’ll work with these communities to confirm their cash servicing needs and what possible solutions to trial. We’ll also invite national stakeholder groups to take an interest and provide advice,” Woolford said.
“We want the cash system to remain resilient, and retailers and individuals to continue to enjoy its social and economic benefits.”
The trials will run for 18 months. RBNZ will provide further details about how communities and other interested stakeholders can apply for the trials in early 2024.
