OVERVIEW of the April 8th Webinar & Post-webinar Virtual Round Table: Future of the CENTRAL BANK in the CASH CYCLE

On Wednesday, April 8, we held a webinar and the following Wednesday, April 15, we held a post-webinar virtual round table discussion regarding:  The Future of the Central Bank in the Cash Cycle. 

This webinar and round-table were part of our continuing examination of the future of the KEY CASH STAKEHOLDERS.   We focused on the unique role of CENTRAL BANKS as the stewards of cash infrastructure.

A BIG THANK YOU to our distinguished panel (see bios at the bottom of the page):

• Barbara Jaroszek,  Director of the Cash and Issue Department, National Bank of Poland
• Pearl Kgalegi, Head of Currency Management Department, South African Reserve Bank (SARB)-
• Mary Anne Lim, Assistant Governor, Bangko Sentral ng Pilipinas (BSP)
• Koen Thuis, Head of Cash Policy & Oversight, Dutch National Bank
• MODERATOR: Richard Wall, IACA Chair and Former Director of Operations for Bank of Canada –

These were most interesting and enlightening discussions!  If you missed them, you can watch the recordings and read about them as follows:

• Watch the WEBINAR Video Recording via our website RESOURCES page (You must be logged in to view).
• Read a detailed summary + transcript here: https://currencyaffairs.org/wp-content/uploads/_pda/2026/04/IACA_April-8-Central-Bank-Webinar_Summary-Transcript.pdf  
  • As with all IACA meeting notes– the detailed summary and the transcript can also be found in the IACA DOCUMENTS folder of the E-Library.  To access the E-library, you must log-in and go to Resources > E-Library.
• Key Insights from the WEBINAR
  • Cash is evolving from a transactional tool to a strategic asset.
    Central banks emphasized that cash now plays a critical role in financial resilience, crisis response, and public confidence, not just everyday payments.
  • The future is “cash-light, not cashless.”
    Central banks are actively designing hybrid payment ecosystems, where digital payments grow—but cash remains essential for inclusion, choice, and system stability.
  • Cash demand is becoming more complex and less predictable.
    Even as transactional use declines in some markets, cash in circulation continues to grow, driven by precautionary behavior, cultural factors, and geopolitical uncertainty.
  • Balancing innovation with inclusion is a central challenge.
    Expanding digital payments improves efficiency, but central banks must ensure that unbanked, rural, and vulnerable populations are not left behind.
  • Infrastructure decisions today will determine future resilience.
    Declining usage is forcing changes to cash infrastructure, but central banks must carefully manage this transition to avoid unintended loss of access or system fragility.
  • Resilience must be designed—not assumed.
    A recurring theme was that maintaining both cash and digital systems in parallel is costly, but necessary to ensure redundancy and continuity in times of disruption.

• Watch the VIRTUAL ROUND-TABLE DISCUSSION Recording via our website RESOURCES page (You must be logged in to view).
• Read a detailed summary + transcript here:  https://currencyaffairs.org/wp-content/uploads/_pda/2026/04/Summary-Transcript.-IACA-April-15-Post-Webinar-Virtual-Round-Table-Discussion_-Future-of-Central-Bank-in-the-Cash-Cycle.pdf
  • As with all IACA meeting notes– the detailed summary and the transcript can also be found in the IACA DOCUMENTS folder of the E-Library.  To access the E-library, you must log-in and go to Resources > E-Library.The virtual round-table was an excellent conversation diving deeper into the complexities of the Central Banks role in the cash cycle.

    Key Takeaways from the ROUND-TABLE DISCUSSION

  • Cash resilience is ultimately about trust.
    Cash is no longer just a payment tool—it is a critical safeguard in times of uncertainty. If it is not available when needed, public confidence is at risk.
  • Central banks are responsible—but do not control the system.
    While expected to ensure availability, most cash infrastructure (CIT, ATMs, retail) is privately operated, creating a tension between public responsibility and private delivery.
  • The role of central banks is evolving.
    Central banks are moving from issuers of currency to coordinators of the broader cash ecosystem, requiring stronger engagement across stakeholders.
  • The greatest risk lies in distribution, not supply.
    The key vulnerability is not banknote availability, but the ability to move cash—logistics, CIT capacity, and access points are critical to resilience.
  • Regulation is increasing—but not sufficient on its own.
    While legislation is being used to protect access, resilience depends equally on coordination, visibility, and system-wide collaboration.
  • A major gap remains: system-wide visibility and assessment.
    Despite understanding the risks, there is no consistent way to assess the health of the cash cycle across stakeholders.
    Conclusion-  The challenge is no longer understanding the risks—but how to assess and manage them at a system level.

The webinar Panel bios are as follows:

• Barbara Jaroszek,  Director of the Cash and Issue Department, National Bank of Poland
  Barbara has been with the National Bank of Poland for fourteen years.  Over the course of her career at NBP, she has played a key role in introducing a new series of circulating banknotes, implementing changes to the denominational structure, and developing regulations for cooperation with the cash market. She led the Hryvnia Exchange Program in Poland, which later became a model for other European countries.
  She is a member of the Executive Committee of the Central Bank Counterfeit Deterrence Group (CBCDG) and Chair of the Cash Circulation Council in Poland.
• Pearl Kgalegi, Head of Currency Management Department, South African Reserve Bank (SARB)- Pearl was appointed the Head of Currency Management Department at the South African Reserve Bank effective 1 March 2021. She is responsible for the management and operations of the entire Currency function which includes both banknotes and coin. Her responsibilities span from research, development of both banknotes and coin, issuance, distribution, and destruction.
• Mary Anne Lim, Assistant Governor, Bangko Sentral ng Pilipinas (BSP)- As Assistant Governor, Mary Anne is responsible for the Currency and Securities Production Sub-sector (CSPSs) at the Bangko Sentral ng Pilipinas (BSP) – Security Plant Complex (SPC). In her current role she manages and supervises the operations relating to the production of circulation and commemorative banknotes and coins,
• Koen Thuis, Head of Cash Policy & Oversight, Dutch National Bank– Before joining the Dutch Central Bank, Koen worked for Rabobank, a commercial bank in the Netherlands, for 20 years in various managerial positions. He is an expert on change, behavior studies, finance and running the cash cycle in a declining market. In his job he is also responsible for the project to establish ATM’s on the Caribbean Islands St. Eustatius and Saba. In Europe, he is a Banco member for the ECB.
• MODERATOR: Richard Wall, IACA Chair and Former Director of Operations for Bank of Canada – Richard retired from the Bank of Canada after 28 years of service. He became Director of Currency Operations in 2004, responsible for banknote production and distribution. In this role, he undertook the redesign of the bank note supply chain, including leading the negotiations for major service and supply agreements related to the new polymer banknote series.