Ratio of currency in circulation (CIC) to GDP of Latvia 2010-2022
The amount of coins and banknotes in Latvia made up less than16 percent of GDP in 2019, a percentage that decreased somewhat when compared to previous years. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.
