The bank published a letter on ATM cash withdrawals before, during and after the Covid-19 pandemic, where it studied demand for cash.
The letter found that although card payments have increased in recent years, steady demand for ATM transactions is evident.
Prior to the pandemic, the average ATM withdrawal was almost the same amount, and from January 2015 and February 2020, the average monthly withdrawal was €1.51 billion.
The study also discovered that higher rates of inflation were correlated with higher withdrawal values. According to the Central Bank, the amount withdrew in June 2022 was 7% more than it was in September 2021, indicating the Consumer Price Index's percentage value growth.
In terms of volume, the letter found that the number of ATM withdrawals also declined in spring 2020.
However, starting January 2021, the average monthly volume of ATM withdrawals has increased. In contrast to the 7.95 million withdrawals made in June 2022, 5.23 million withdrawals were made during that month.
"The Letter shows that the shift in the value and volume of monthly withdrawals appears to reflect the strictness of public health measures in place to prevent the spread of Covid-19," the Central Bank said in a statement.
"During periods of tighter limitations, economic activity would have been limited, particularly in physical locations where currency is utilized."
