The ongoing war in the Middle East has already started to hit Brits in the pocket with petrol prices rising due to the cost of oil. But as conflict rumbles on between theUS and Iran, many people will be wondering how to protect their finances.
And because cash doesn’t rely on electronic payments or digital infrastructure, many will see it as a safe bet in the event of blackouts, cyber attacks, or even war. The European Central Bank has now revealedhow much money is worth keeping in the event of a crisis.
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The bank saysRussia’s 2022 invasion ofUkraine, along with the 2008 financial crash, 2014 Greece debt crisis, and theCovidpandemic led to an “immediate and extreme surge in cash acquisition by the public”.
It reports: “Russia’s full-scale invasion of Ukraine in February 2022 triggered a significant surge in cash demand, concentrated in several neighbouring countries.
“This is a common response to the pervasive uncertainty that armed conflicts and geopolitical tensions introduced regarding institutional stability, state capacity and the resilience of critical infrastructures.”
It says the demand was mainly driven by countries such as Estonia, Latvia, Lithuania, Slovakia and Finland. The bank says it led to many authorities suggesting that families keep a cash reserve in case of an emergency.
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Source: Daily Express :: World Feed
