Ratio of currency in circulation (CIC) to GDP in Europe 2019, by country

Coins and banknotes were least likely to circulate in the economies of Norway, Sweden and Iceland in 2019. This based on estimates of the so-called CIC/GDP ratio in nearly 40 European countries, a ratio that roughly measures the general use of cash money in the country (or the cash money that is not being held by banks). Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.