The ratio of non-cash and cash payments in Latvia was 71% to 29% in late summer of 2022.
The "Payment Radar" contains the latest information on money usage habits of Latvia's households, businesses and the public at large. This information has been obtained from the results of the population survey conducted by a market and social research agency Latvijas Fakti.
"Payment Radar" is published semi-annually and available on Latvijas Banka's website (https://www.bank.lv/en/tasks/payment-systems/payment-radar).
August 2022 exhibited stability with regard to all major measurements of money use. Compared with February 2022, the use of cash actually increased. The ratio of cash and non-cash payments was then 74% to 26% (70% to 30% in August 2021). In August 2022, the average number of payments made by one inhabitant per week stood at 12.6 (12.8 in February 2022, 13.9 in August 2021).
In August 2022, 84% of those surveyed were completely or rather satisfied with cash availability. The figure is the same as in February 2022 and exceeds that of August 2021 by two percentage points. At the same time, the number of people dissatisfied with the possibilities to withdraw cash from their bank accounts continues on a downward path (8% in August 2022, 10% in February 2022, 11% in August 2021).
In autumn 2022, the number of ATM cashpoints in Latvia decrease by 1% from 902 to 894.
"Why does Latvijas Banka pay particular attention to the issue of cash availability? Because it not only affects the public's freedom of choice but also strengthens Latvia's economic security which is especially relevant at present when Russia has launched war on Ukraine. Cash is part of the critical financial sector infrastructure; therefore, we continue our cooperation with the sector to implement measures ensuring access to cash in "times of peace" and be ready to ensure the population's access to its money in times of crisis", said Zita Zariņa, a member of the Council of Latvijas Banka.
Discussions with partners from Finance Latvia Association and Latvia's leading commercial banks are ongoing to agree on the next steps towards ensuring cash availability, including continued implementation of the measures that were defined and successfully implemented in the context of the Memorandum of Understanding concluded in 2021.
The measurements of people's attitude towards small denomination euro coins are stable. In February 2022, 51% of those surveyed expressed the view that 1 and 2 cent coins should be withdrawn from circulation, 43% – that they should remain in circulation, but 6% of the respondents were unable to form their opinion.
In August 2022, 49% of the population supported the withdrawal of small denomination euro coins from circulation, 43% were against it, while 8% of the population were unable to form their opinion. In the course of a year, the number of the population supporting the withdrawal of 1 and 2 euro cent coins from circulation has rather strongly increased.
The sociological survey data and detailed information are available at https://www.bank.lv/maksajumu-radars.