Which of the following is NOT a factor that contributes to the demand for a currency?

Population size is not typically considered a direct factor contributing to the demand for a currency. While a larger population might suggest a potential for higher domestic consumption and economic activity, it does not inherently drive currency demand in the same way that economic growth, trade balance, and interest rates do.

Economic growth directly influences demand for a currency, as a growing economy tends to attract foreign investment, increasing the need for that currency. Similarly, the trade balance, which reflects the difference between a country's exports and imports, impacts currency value; a country with a favorable trade balance typically experiences increased demand for its currency as foreign buyers need to purchase the local currency to pay for exports. Interest rates are also crucial, as higher rates offer better returns on investments denominated in that currency, attracting foreign capital and increasing demand.

Hence, while population size might influence economic dynamics, it does not directly alter demand for currency in the same manner as the other factors listed.