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Currency in circulation
Banknotes and coins in circulation that are commonly used to make payments. Currency in circulation as included in M3 is a net concept, meaning that it refers only to banknotes and coins in circulation that are held outside the MFI sector (i.e. currency held by MFIs or "vault cash" has been subtracted). Excluded are central banks' stocks of own banknotes (as they have not been put into circulation) and collector coins (as they are not intended for use in making payments). (European Central Bank)
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