Secure access to cash - report from the Riksbank Committee
What should the Riksbank’s responsibility for cash management include? An inquiry is currently under way on the future role of cash in the Swedish economy, including the Riksbank’s responsibility.
In December 2016, The Riksbank Committee was given the task of reviewing the monetary policy framework and the Sveriges Riksbank Act. The task also included a review of the responsibility for cash management, cash provision and contingency planning in the payments system.
As regards the issue of the Riksbank’s responsibility for cash management, the Riksbank Committee issued an interim report in June 2018 entitled “Secure access to cash”, in which the Committee discussed how the Riksbank’s responsibility for efficient cash management throughout the country should be clarified in law.
The Riksbank has given its view in a response to the interim report. Read more on the page “All banks should be obliged to handle cash”.
In November 2019, the Swedish Riksdag adopted legislation under which certain large credit institutions – currently the six largest banks in Sweden – will be obliged to provide certain cash services throughout Sweden from 1 January 2021 onwards. The purpose is to ensure a certain minimum level of access to cash services for consumers and companies. Read more about this (in Swedish) on the Government´s website.
The Riksbank proposes a review of the concept of legal tender
In a proposal to the Riksdag in April 2019, the Riksbank proposed that a committee with all-round expertise be tasked with performing a review of the concept of legal tender, the role of central bank money in a digitalised economy and the role and responsibility of both the state and the private sector on the payment market. Read more on the page “The Riksbank proposes a review of the concept of legal tender”. The Riksdag (the Swedish Parliament) agrees with the Riksbank that an inquiry is needed, read more on the Riksdag’s website (in Swedish only): Statens roll på den digitala betalningsmarknaden bör utredas.
Final report - A new Sveriges Riksbank Act
The Riksbank Committee submitted its final report “A new Sveriges Riksbank Act” in November 2019. The proposal for a new Sveriges Riksbank Act gives the Riksbank much greater responsibility for cash management, among other things. Read the Executive Board’s consultation response to the proposal for a new Sveriges Riksbank Act that was published in April 2020.