ATM transactions reach new heights during Chinese New Year holiday
According to Taiwan's Central Bank data, interbank ATM withdrawals between Jan. 2 and Jan. 10 totalled NT$64.76 billion (US$2.1 billion), up 31.6 per cent from 2018, while interbank transactions reached NT$58.09 billion (US$1.88 billion), up 83.8 per cent from last year.
The Central Bank said that it urged all financial institutions to prepare enough funds for interbank transactions and withdrawals in advance to assure smooth operations during the holidays. It is estimated that on Feb.1, the last business day before the Chinese New Year holiday, financial institutions across Taiwan had prepared up to NT$ 208.43 billion in funds, four times higher than the total amount of funds used daily during the festival last year.
Besides, the transfer of financial information between systems for interbank business went well during the holidays too, the Central Bank said. According to data from various financial institutions, the amount of interbank ATM withdrawal totalled NT$64.76 billion while interbank transfer reached NT$58.09 billion between Jan. 2 and Jan. 10.
The average amount used for withdrawals and transfers totalled NT$7.2 billion and NT$6.45 billion, respectively, on a daily basis. The Central Bank believes that the increase in funds used during the CNY might be associated with the fact that the Chinese New Year holiday this year was at the beginning of the month.
The demand for cash withdrawals and transfers was, therefore, higher than demand for regular expenditures such as rent and childcare.