The National Bank of Romania has issued a report revealing that, despite the advancement of digital financial services, cash continues to play a central role in the country’s economy. The preference for cash is evident in the saving and spending habits of Romanians, with massive withdrawals and major discrepancies between urban and rural access to ATMs.
The report shows that 6 out of 10 Romanians prefer to keep their savings in cash. This trend is more pronounced in Moldova (70%), compared to Banat and Ardeal (54%). In addition, the elderly (56-65 years), with 64%, and young people (18-35 years), with 56%, are among the categories that favor «mattress savings». The advantages of cash are the perception of anonymity and the protection of private life, as well as the security offered in crisis situations, such as technological failures or cyber risks.
In 2023, Romanians withdrew from ATMs 257 billion lei and 820 million euros, the largest amounts being recorded in Bucharest, followed by Timisoara, Cluj-Napoca and Iasi. However, the ATM network remains underdeveloped, with an average density of 51.6 ATMs per 10.0 inhabitants or 4 ATMs per 10 km². Thus, out of the 3,186 localities in Romania, only 1.05 (32%) benefit from the presence of ATMs, but these serve 71% of the population over 15 years old. In 2023, BNR conducted a geospatial analysis of the ATM network, highlighting that in 150 localities with a population between 5.0 and 10.0 inhabitants there are no ATMs. In localities under 5.0 inhabitants, only 21% have such facilities. In rural areas, only 21% of small localities (under 5.0 inhabitants) have ATMs, and about 25% of the population lives more than 5 km from the nearest ATM.
On the other hand, a quarter of adult Romanians do not have bank cards or other financial products. BNR proposes the expansion of the ATM network in rural areas, even in small localities, and the reduction of bank account costs.
The BNR report also emphasizes that cash remains a safety solution even in advanced economies, such as Sweden, where authorities recommend keeping physical money for emergency situations, signaling the need for a resilient infrastructure in the face of digital risks.
