The great $100 note shortage?

Apparently the demand for $100 notes has surged so dramatically the RBA has issued a statement saying not to panic.

Southern Cross Equities head of institutional dealing, Charlie Aitken, says the shortage is due to wealthy people withdrawing all their cash “to the point where we now have a $100 note shortage,” he told The Australian Financial Review.

But the RBA says not to worry – it has plenty of stock to keep $100 notes in supply.

“The increase in demand for $100 notes is widespread but the RBA has more than enough stocks – not only of $100 notes but also of all the other denominations – to meet the increased demand,” an RBA spokesperson says.