Payments Report 2024

More measures needed to protect cash

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The Riksbank’s responsibility for cash has been clarified

Published: 14 March 2024

The new Sveriges Riksbank Act, which came into force on 1 January 2023, gives the Riksbank clearer and partly expanded responsibility for the cash infrastructure in Sweden. One reason for giving the Riksbank this responsibility is that it is becoming less and less profitable for the private sector to maintain the cash infrastructure as fewer and fewer use cash. You can read more about this in the Section Are payments in Sweden safe?.

According to the new act, the Riksbank must operate at least five banknote depots in different parts of the country. Since 1 January 2023, the Riksbank has operated depots in Märsta, Jönköping and Umeå. By 1 January 2026, the Riksbank will have opened two more depots, one of which will be in the county of either Jämtland or Västernorrland. According to the new act, the Riksbank shall also monitor, analyse and, if necessary, coordinate cash management in Sweden. In addition, the Riksbank shall regularly report its monitoring to the Riksdag Committee on Finance. The report to the Committee on Finance consists of the Riksbank’s annual report. You can read more about what the new Sveriges Riksbank Act entails in The Riksbank gets clearer responsibility for cash | Sveriges Riksbank.

More types of companies can collect and deposit cash at the Riksbank

Since 1 May 2023, new regulations apply to which companies may collect and deposit cash in the Riksbank’s depots. Previously, only banks and bank-owned companies could sign the necessary agreements, but now payment institutions with counting activities can also do so, which has lead to Loomis Sverige AB signing such an agreement with the Riksbank. This can contribute to more efficient cash supply and redundancy in the system, as there are then more participants who can collect and deposit cash at the Riksbank if one of them experiences problems.