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Speaker 1: Now the Reserve Bank is a little bit worried that

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Speaker 1: we might start finding it a little hard to find cash,

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Speaker 1: you know, with the old ATMs disappearing in the banks

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Speaker 1: pulling out of rural areas. So it's got a plan.

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Speaker 1: It's opened a cash depot for people in why Poka,

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Speaker 1: Oh just to see how it goes. It's part of

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Speaker 1: a twelve month trial. Up to now, these people had

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Speaker 1: to drive fifty k's just to withdraw cash. Ian Wolford

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Speaker 1: is the Reserve Bank's Director of Money and Cash and

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Speaker 1: with us now hi Ian hi okay. So this cash depot,

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Speaker 1: how does it work? Is it basically you guys running

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Speaker 1: your own minibank.

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Speaker 2: Sort of, although it's really just about the cash. We're

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Speaker 2: not giving out loans or anything like that. But what

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Speaker 2: it does is it lets retailers come in and they'll

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Speaker 2: be able to deposit money they can make change. This

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Speaker 2: is one of the issues that retailers have rights banks

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Speaker 2: withdrawal from rural areas, actually having the float, being able

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Speaker 2: to deposit the money, all those sorts of things. So

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Speaker 2: we're trying to find solutions for that to make it

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Speaker 2: easier for retailers.

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Speaker 1: Right, But what about the average punter because this is

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Speaker 1: only this is only for businesses and boards of trustees

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Speaker 1: at schools and so on and so forth. What about

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Speaker 1: if you just have a punter who wants to withdraw

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Speaker 1: I don't know, three hundred dollars.

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Speaker 2: Yeah, So at the moment, we focus on retailers, and

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Speaker 2: I'll tell you why. It's because it's quite surprising about

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Speaker 2: a third of where people get their money from is

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Speaker 2: actually from a retailer and cash out. But what's happening

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Speaker 2: people might be noticing retailers are increasingly saying, well, we

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Speaker 2: don't really want it set cash because it's getting too

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Speaker 2: expensive for us to handle, and it's just a bit

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Speaker 2: too difficult because the ATMs and the branches are disappearing.

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Speaker 2: So what we're trialing is if we make it easier

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Speaker 2: for retailers to get changed so they can deposit, they

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Speaker 2: can get the float, etc. And this isn't quite live yet,

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Speaker 2: but it's about to go live. It's part of the trial,

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Speaker 2: and we actually reimburse the retailer for giving some cash out.

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Speaker 2: Does that actually change people's behaviors? So that helps ungum

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Speaker 2: the system. You know, you can you've still got the

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Speaker 2: choice of using cash when you want to. So at

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Speaker 2: the moment it's just the retailer cash depot. But in

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Speaker 2: the future, you know, we're exploring all options.

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Speaker 1: Interesting. Thanks very much for talking us through it, Ian

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Speaker 1: Wilford Reserve Bank, Director of Money in Cash.

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