Global: Sweden’s Central Bank Urges Legislative Action to Safeguard Cash Access

Sweden’s central bank, the Riksbank, has called for regulatory measures to ensure that businesses and operators legally required to accept cash have access to reliable services for daily cash handling and petty cash. In a written submission to the Ministry of Finance’s inquiry on cash usage, the Riksbank emphasized the need for stronger regulations to guarantee the availability of cash services in an increasingly digital society.

Despite Sweden’s reputation as one of the world’s leading near-cashless economies, banks have significantly scaled back cash services to businesses. Currently, Loomis AB, a cash-in-transit company, is one of the few entities offering these services, and this is done entirely on a commercial basis. The Riksbank believes banks should assume greater responsibility to ensure that cash services remain available, particularly as a safeguard in the event of a failure in digital payment systems.

There is an existing legal requirement for some banks to provide businesses and public authorities with the ability to deposit daily cash takings to a certain extent. However, the Riksbank argues that this requirement is insufficient and must be strengthened and clarified, as many banks have been offering inadequate services.

According to the central bank, some banks have opted to fulfil these requirements by providing deposit machines with limits that are too low for many businesses. The Riksbank also highlighted a growing concern over the decline in petty cash services, as many banks have shut down manual cash services, making it increasingly difficult for businesses to manage their cash flow.

Christina Wejshammar, head of the payments department at the Riksbank, stressed the importance of these measures in maintaining access to cash for those who need it, while also enhancing Sweden’s preparedness in crisis situations.

“The proposals we have outlined are crucial for those who need to use cash and to strengthen our national payment resilience,” Wejshammar stated. “Many businesses still accept cash, but without proper services in place, they would be unable to do so effectively. If new obligations are introduced requiring businesses selling essential goods to accept cash, services for handling daily takings and petty cash will need to be maintained across the country. In this way, banks play a vital role in ensuring the continuity of cash availability, both under normal circumstances and during emergencies.”

The Riksbank’s push for legislative intervention is seen as a key step in balancing Sweden’s digital payments infrastructure with the ongoing need for cash as a backup in times of crisis, ensuring financial inclusivity and security across the country.