Time for Cash Departments to Think Radically?

The role of Currency Issue Director is great preparation for high office in a central bank. Ask Andrew Bailey, Governor of the Bank of England, or Michelle Bullock, soon to be Governor of the Reserve Bank of Australia, both of whom have managed currency in their banks. What makes it such good preparation?

First, the purchase of cash is, for most central banks, their largest discretionary expenditure item. Procurement on this scale is great experience.

Second, the cash department is a complex, large operational department, unique in a central bank. It forecasts cash demand, procures, stores and issues cash, works with third parties using a mixture of regulation and influence to achieve policy goals, has responsibility for managing large volumes of returning cash, including destroying it, and faces the constant threat of counterfeiters. The cash department usually has the largest headcount of any department, with people from every walk of life with a wide range of education.