The proportion of the money supply that is held in the form of currency is ultimately determined by

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The proportion of the money supply that is held in the form of currency is ultimately determined by the public. It is their choice whether to hold currency or deposit it into banks. While the Federal Reserve, U.S. Congress, and commercial banks can influence the money supply, they do not have direct control over the public's decision to hold cash.

The Proportion of the Money Supply That Is Held in the Form