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ATM Cash Withdrawals Before, During and After the Covid-19 Pandemic

Author

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  • Cronin, David

    (Central Bank of Ireland)

  • McInerney, Niall

    (Central Bank of Ireland)

Abstract

This Letter quantifies how ATM cash withdrawals in Ireland have been affected by the Covid-19 pandemic. We find: (i) that there was a one-off downward step shift in monthly ATM withdrawals in spring 2020, with withdrawals moving in a narrow range subsequently; (ii) withdrawals have been sensitive to the degree of government policy stringency in relation to public health; (iii) against the background of the recent pickup in inflation, the nominal value of cash withdrawals is increasing in line with higher consumer prices.

Suggested Citation

  • Cronin, David & McInerney, Niall, 2022. "ATM Cash Withdrawals Before, During and After the Covid-19 Pandemic," Economic Letters 6/EL/22, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:6/el/22
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    File URL: https://www.centralbank.ie/docs/default-source/publications/economic-letters/atm-cash-withdrawals-before-during-after-covid-19-pandemic.pdf?sfvrsn=bf02951d_5
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    References listed on IDEAS

    as
    1. Goodhart, Charles & Ashworth, Jonathan, 2020. "Coronavirus panic fuels a surge in cash demand," CEPR Discussion Papers 14910, C.E.P.R. Discussion Papers.
    2. Cronin, David, 2021. "Whither Cash in Payments?," Quarterly Bulletin Articles, Central Bank of Ireland, pages 64-87, January.
    3. Kotkowski, Radoslaw & Polasik, Michal, 2021. "COVID-19 pandemic increases the divide between cash and cashless payment users in Europe," Economics Letters, Elsevier, vol. 209(C).
    4. Cronin, David & Mcinerney, Niall, 2022. "Forecasting banknote returns in a changing payments environment," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 16(2), pages 120-136, March.
    5. Cronin, David & McGuinness, Anne, 2010. "Retail Payment Practices. How They Have Evolved in Recent Times and Where They Might Be Going," Quarterly Bulletin Articles, Central Bank of Ireland, pages 56-82, April.
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    1. Suder, Marcin & Gurgul, Henryk & Barbosa, Belem & Machno, Artur & Lach, Łukasz, 2024. "Effectiveness of ATM withdrawal forecasting methods under different market conditions," Technological Forecasting and Social Change, Elsevier, vol. 200(C).

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