Payments Report 2021

The position of cash as legal tender needs strengthening

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New Sveriges Riksbank Act clarifies the Riksbank's responsibility but does not give the necessary flexibility

Published: 3 November 2021


The Riksbank’s current responsibility for ensuring there is access to cash in society is clarified in the proposal for a new Sveriges Riksbank Act. According to the proposal, the Riksbank will be responsible for ensuring that there are five cash depots, two of which will be at specific geographical places in the country (one in the county of Norrbotten or Västerbotten and one in Jämtland or Västernorrland county), where banknotes can be picked up and also handed in. The Riksbank has pointed out that the proposal to operate five cash depots is not appropriate, as there is a risk that the depots will not be used and will therefore contribute to unnecessary costs for society. The private actors with whom the Riksbank has had a dialogue over the year to discuss future cash management confirm that there is a risk that some depots may remain entirely unused. If the Riksbank is to be able to conduct the most efficient cash management possible, its mandate should be goal-oriented and not tied up in detailed regulations.