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    Reserve Bank of Australia

    News stories featuring Reserve Bank of Australia:

    Australian bank branches stop dealing with cash

    November 17th, 2016

    Six retail branches of Citi bank in Australia are to stop dealing with cash because of falling demand from customers who prefer to manage their money digitally, the Sydney Morning Herald reports. Citi’s head of retail banking Janine Copelin said less than 4% of the bank’s customers had made cash transactions through a branch in the last year. The move comes as Australian Reserve Bank data shows cash was used in 78% of payments worth less than A$10 (US$7.46) in 2013, down from 95% in 2007.

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