Germany general government currency flows
Germany general government currency flows stood at 0 EUR billion in Q1 2026, according to Deutsche Bundesbank. It is one of the indicators in the General government financial accounts table (Value · Quarterly), with a complete series running from Q1 1999 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the General government financial accounts table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total financial assets | 27.8 | 6.8 | 8.5 | 32.2 | -8.1 | -12.4 | -0.4 | -22.7 | -11.8 | -44.6 | |
| Currency and deposits | 16.1 | -14.1 | -0.2 | 26.1 | 1 | -14.7 | -1.7 | -17.4 | -9.5 | -54.1 | |
| Currency | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Understanding germany general government currency flows
Physical banknotes and coins held in administrative vaults, till boxes, and agency cash desks define this transaction flow. The series measures the net acquisition of legal tender currency as a financial asset across all subsectors of general government, encompassing central, state, municipal, and social security administration. It records net transactional cash receipts minus physical disbursements during the quarter. Excluded from this measure are commercial bank accounts, transferable checking balances, term deposits, savings books, and marketable securities, which are tracked in separate lines of the balance sheet. While sibling rows capture institutional deposit accounts where public liquidity is overwhelmingly concentrated, this line isolates only unbanked currency in circulation held as petty cash and operational till floats.
Interpreting these flows requires distinguishing genuine transactions from valuation adjustments and accounting updates. Because domestic currency does not fluctuate in face value, recorded flows reflect pure transactional receipts and payments rather than market revaluations. Initial quarterly releases are subject to subsequent revisions as municipal accounting records and extra-budgetary reports are compiled. Regular administrative schedules, such as calendar year-end settlement and treasury sweeps, create recurrent quarterly variations, making year-on-year comparisons more reliable than quarter-on-quarter changes. Positive currency flows should not be equated with overall budget surpluses, as physical currency represents an incidental operational balance rather than a broad indicator of fiscal health.
Frequently asked questions
- Why does general government hold physical currency rather than keeping all funds in bank deposits?
- Public bodies maintain modest amounts of physical banknotes and coins to manage daily cash registers, petty cash disbursements, and direct counter payments in public service offices. These operational floats represent unbanked working balances rather than investment holdings.
- Does this series record the creation or issuance of new coins and banknotes?
- No, this series measures net changes in currency held by government entities as financial assets, not the issuance of money into the economy. Monetary issuance is an activity of the monetary authorities rather than general government asset accumulation.
- What does a negative quarterly flow indicate for this series?
- A negative flow indicates that public authorities deposited or spent more physical cash than they received, resulting in a net reduction of till and vault holdings. It reflects transactional cash movements rather than accounting losses or price changes.