ATM withdrawals fell 17.7% since 2019 — while cash in circulation rose 60%
Malaysia is the one market in this comparison where three independent series point the same way: cash in circulation up, the RM100 note's share up from 28.2% to 48.4%, and ATM cash withdrawals down — with more ATM terminals, not fewer.
Is Malaysia using less cash or holding more of it?
Both, and the two are not in conflict. Currency in circulation rose from RM51,139 million at the end of 2009 to RM182,312 million in June 2026, while its share of M2 rose from 5.03% in 2014 to 6.84% (Bank Negara Malaysia).
Is Malaysia using less cash or holding more of it?
Currency in circulation (RM m)
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| End of period | Currency in circulation (RM m) | M2 (RM m) | Cash ÷ M2 |
|---|---|---|---|
| December 2009 | 51,139 | — | — |
| December 2014 | 77,734 | 1,544,160 | 5.03% |
| December 2019 | 114,097 | 1,950,568 | 5.85% |
| December 2024 | 170,720 | 2,478,817 | 6.89% |
| June 2026 | 182,312 | 2,665,316 | 6.84% |
The blank is because this site’s M2 series for Malaysia begins in January 2013, not because the value is zero.
The withdrawal numbers go the other way
This is what makes Malaysia the clearest case in the comparison. ATM cash withdrawals fell on both volume and value while the stock of cash grew (BNM Payment Statistics).
| Year | ATM cash withdrawals (million) | Value (RM m) |
|---|---|---|
| 2019 | 845.9 | 427,782 |
| 2020 | 768.7 | 377,338 |
| 2022 | 798.5 | 404,735 |
| 2024 | 771.5 | 393,552 |
| 2025 | 696.2 | 369,268 |
Withdrawal volume is down 17.7% from 2019 and value is down 13.7% in nominal ringgit. Over the same stretch the number of ATM terminals rose from 13,565 in 2022 to 15,788 in 2025, so this is not a story about machines being removed.
The two series are measuring different things. A withdrawal measures how often cash leaves the banking system. Currency in circulation measures how much of it stays outside. Cash that is withdrawn once and then kept does not produce a second withdrawal, so holdings can rise while withdrawals fall.
Larger notes, not more notes
The denomination mix points the same way. The RM100 note’s share of currency in circulation rose from 28.2% in 2009 to 42.6% in 2019, 46.0% in 2024 and 48.4% in June 2026.
| End of period | RM100 share of currency in circulation |
|---|---|
| 2009 | 28.2% |
| 2019 | 42.6% |
| 2024 | 46.0% |
| June 2026 | 48.4% |
Nearly half of all ringgit in circulation is now in the largest note. Small notes circulate because people spend them; large notes accumulate because people keep them. For comparison, Japan’s ¥10,000 note went from 91.18% to 92.64% between 2009 and 2024 — a market already at the ceiling, where the same trend has almost no room left to show up.
The denomination shares are CapsWindow's arithmetic on two levels that Bank Negara Malaysia publishes side by side; BNM publishes the levels, not the shares. The currency concept here is currency in circulation, which includes cash held in bank vaults. In the comparison table below, Taiwan and Vietnam use a different concept that excludes vault cash, so the table can be read for direction but not for level. Malaysia publishes no cash share of payments, on either a transaction-count or a value basis — that was checked against BNM's payment statistics tables and its Financial Stability and Payment Systems Report, and no consultancy estimate has been substituted for it.
Does every market look like this?
No. This is the most interesting result of the comparison.
| Market | Dec 2009 | Dec 2019 | Dec 2024 | Concept |
|---|---|---|---|---|
| Taiwan | 3.12% | 4.61% | 5.17% | held by public |
| Hong Kong | 5.82% | 7.12% | 7.25% | in circulation |
| Malaysia | — | 5.85% | 6.89% | in circulation |
| Singapore | — | — | 8.06% | in circulation |
| Thailand | 9.85% | 9.29% | 10.10% | in circulation |
| Japan | 11.19% | 11.32% | 10.23% | in circulation |
| Vietnam | 14.01% | 11.33% | 9.10% | outside banks |
| Philippines | 15.01% | 13.66% | 14.85% | in circulation |
Malaysia, Taiwan and Hong Kong rose. Vietnam fell from 14.01% to 9.10% and Japan from 11.19% to 10.23%; Japan’s banknote stock itself peaked in December 2024 and has fallen since. So “cash is being hoarded everywhere” is not what the data says.
Differences between markets track the settings in which cash is used: how far payment infrastructure reaches, the size of the informal sector, tourist cash flows, and how large-denomination notes are issued. This paragraph interprets where the differences come from; the figures in the tables are observations from each central bank's published statistics and from this site's M2 series.
What to check when reading these numbers
Start with the concept. “Currency issued”, “currency in circulation” and “currency held by the public” are three different numbers, separated by the cash sitting in bank vaults. The tables label each row for that reason, and across markets only the direction is comparable.
Then check the denominator. A payment-side cash share has a defined set of transactions underneath it; change that set and the answer changes. The stock-side share has M2 underneath it. Neither confirms the other.
Finally, do not read cash ÷ M2 as something else. It is the mathematical share of cash within a monetary aggregate. It is not a measure of “true inflation” and it is not a measure of the shadow economy. A low share does not mean a cashless society and a high share does not mean a large informal one.
Questions & answers
How much cash is in circulation in Malaysia?
RM182,312 million in June 2026, up from RM114,097 million at the end of 2019 and RM51,139 million at the end of 2009. Its share of M2 was 6.84% in June 2026, against 5.85% at the end of 2019.
Are people withdrawing less cash?
Yes, on both measures. ATM cash withdrawals fell from 845.9 million transactions in 2019 to 696.2 million in 2025, and from RM427,782 million to RM369,268 million in value. Over the same period the number of ATM terminals rose from 13,565 in 2022 to 15,788 in 2025.
How can withdrawals fall while cash in circulation rises?
Because the two measure different things. Withdrawals measure how often cash moves out of the banking system; currency in circulation measures how much cash stays outside it. Cash that is taken out and kept does not generate a second withdrawal.
Does Malaysia publish a cash share of payments?
No. Bank Negara Malaysia publishes payment instrument statistics but no share of payments made in cash, on either a transaction-count or a value basis. Of the nine markets compared here, only Thailand, Taiwan and Japan publish such a measure.