The economic fallout from the Covid-19 pandemic – as witnessed during previous crises – has had an important influence on the money creation process and the seigniorage booked into the financial results of central banks. Seigniorage is profit stemming from currency issuance, or – more technically – the net income of a central bank that results from its monopoly over cash.

Determining the impact of seigniorage on central bank profits is not trivial when using traditional methods. As a result, we