The Reserve Bank is addressing concerns cash is becoming inaccessible by bringing money to rural communities.  

It has opened a 12-month trial of a cash depot in Hawke's Bays' Waipukurau - offering a closer site to make withdrawals.

Local banks have recently closed, meaning the nearest ATM for locals is 50 kilometres away.

Reserve Bank Money and Cash Director, Ian Woolford, says, currently, only businesses can use the depot for cash.

"It's quite surprising, about a third of where people get their money from is actually from a retailer...but people might be noticing retailers are increasingly saying - well, we don't really want to accept cash."

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The Reserve Bank is addressing concerns cash is becoming inaccessible by bringing money to rural communities. &nbsp;
It has opened a 12-month trial of a cash depot in Hawke's Bays' Waipukurau - offering a closer site to make withdrawals.
Local banks have recently closed, meaning the nearest ATM for locals is 50 kilometres away.
Reserve Bank Money and Cash Director, Ian Woolford, says, currently, only businesses can use the depot for cash.
"It's quite surprising, about a third of where people get their money from is actually from a retailer...but people might be noticing retailers are increasingly saying - well, we don't really want to accept cash."
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

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Ian Woolford: Reserve Bank Money and Cash Director on the RBNZ trialling a community cash depot project

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/d1da2da2-8d21-4e31-b8d5-b3a20056bfb7/transcript