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Wednesday 4 October 2023 Dublin: 16°C
# withdrawals
Irish people withdrawing larger volumes of cash from ATMs as cost of living spikes
Inflation has been cited as one of the causes.

THE CENTRAL BANK of Ireland has reported an increased demand for cash from Ireland’s ATMs. 

The Bank published the letter ATM Cash Withdrawals Before, During, and After the Covid-19 Pandemic where the demand for cash was studied.

The letter found that, despite a rise in card payments in recent years, a steady demand for ATM cash transactions remained clear.

The average value of ATM withdrawals was broadly unchanged prior to the pandemic and average monthly withdrawals amounted to €1.51 billion per month between January 2015 and February 2020.

The research also found that the value of withdrawals increased in line with higher rates of inflation. The amount withdrawn in June 2022 was 7% higher than in September 2021, reflecting the percentage value increase in the Consumer Price Index, the Central Bank said.

In terms of volume, the letter found that the number of ATM withdrawals also declined in spring 2020.

However, the number of monthly ATM withdrawals has been rising since January 2021. During that month, 5.23 million withdrawals were made, compared with 7.95 million withdrawals in June 2022.

A statement from the Central Bank reads: “The Letter indicates that the change in the value and volume of monthly withdrawals appears to reflect the stringency of public health measures in place to contain the spread of Covid-19.

“Economic activity, particularly in physical locations where cash is used, would have been constrained during periods of tighter restrictions.”

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