Sweden’s initiative to become a cashless society is shifting direction, as the central bank proposes new requirements to accept cash for essential goods and enhance banks’ responsibilities regarding cash management.
In its submission to the ongoing Cash Inquiry, the Riksbank emphasizes the necessity of maintaining cash usage to ensure all members of society can make payments and to bolster the resilience of the payment system.
Governor Erik Thedéen states, “People should always be able to pay for food, healthcare, and medicines both digitally and with cash. The increasingly turbulent global situation, heightened cyber attacks, and significant power outages in southern Europe highlight the importance of being able to make payments even when the internet is down.”
Additionally, the Riksbank supports proposals to clarify and extend the responsibilities of major banks to provide corporate customers with overnight deposits and petty cash as a priority.
It also advocates for a legal requirement for banks to allow individuals to deposit banknotes into their accounts, addressing a current gap in service provision.
Thedéen notes, “The cash infrastructure is currently very vulnerable, and urgent legislative action is needed to protect it. It is essential that businesses can make cash deposits and receive petty cash for cash usage to remain viable in society. The banks should take more responsibility for the cash needs of both their corporate and private customers.”