The Riksbank proposes new regulations regarding redemption of cash
News The Riksbank proposes in a consultation that the possibility of redeeming invalid banknotes should be limited to ten years with effect from 1 July 2027. A time limit is currently applied in Norway, Denmark and Finland, for example.
It has been almost ten years since the last series of banknotes was declared invalid. Anyone wishing to redeem invalid banknotes needs to prove the origin of the banknotes. The banks do not normally keep customer information for more than 10 years, which makes it difficult to fulfil the documentation requirements for the redemption of invalid banknotes, even if there are special reasons. The Riksbank therefore proposes to discontinue the possibility of redeeming invalid banknotes as of mid-2027.
The Riksbank also proposes to stop redeeming damaged commemorative coins and to increase the banknote redemption fee from SEK 200 to 300 from 1 September 2026.
The proposals are now out for consultation and comments must be received by the Riksbank by 10 May.