April 23, 2009
Euro cash hoarding spiked in final quarter
The European Central Bank said demand for the euro surged in the final quarter of 2008 as people hoarded 100- and 500-euro banknotes.
The demand for cash peaked in the first two weeks of October, the bank said. During that time, the demand for the euro surged to $45 billion to $52 billion -- a hefty amount considering the value of euro notes in circulation amounted to $996 billion at the end of the year, The New York Times reported Thursday.
to a large extent used for hoarding,the Times reported.