Retrieving "Frictional Currency" from the archives

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1. Economic Activity

   Linked via "Frictional currency"

   The Role of Frictional Currency
   Frictional currency (or $\text{FC}$) represents liquid assets held specifically to absorb unexpected transaction shocks or satisfy sudden, minor regulatory audits. It is crucial for maintaining systemic liquidity. The required ratio of $\text{FC}$ to Gross Transaction Value ($\text{GTV}$) is mandated by the [International Bureau of Fiscal Friction](/entries/international-burea…