Officially no, though bond purchases are the most common thing central banks do with cash. Unofficially though, new currency is mostly worth anything at all bec

Officially no, though bond purchases are the most common thing central banks do with cash. Unofficially though, new currency is mostly worth anything at all because it's backed by the 'full faith and credit ' of the hosting country. Faith and credit to accept it as payment for future debts to the country, ie taxes.