Introduce obligation to accept cash and strengthen banks' responsibility for cash

Today, the Riksbank is submitting its consultation response to the Cash Inquiry appointed by the Ministry of Finance last year. Among other things, the report proposes an obligation to accept cash for those selling essential goods and those charging fees under public law, for instance supermarkets and health centres. According to the Riksbank, the introduction of the proposed obligation to accept cash is important, both for reasons of inclusion and preparedness.

“People should always be able to pay for food, healthcare and medicines both digitally and with cash. The increasingly turbulent global situation, increased cyber attacks and also the major power outages in southern Europe show the importance of being able to make payments even when the internet is down,” says Erik Thedéen, Governor of the Riksbank.

The Riksbank is also in favour of the proposal to extend and clarify the responsibility of the major banks to offer services to their corporate customers with regard to overnight deposits and petty cash. These are changes that the Riksbank believes must be introduced as soon as possible.

Furthermore, the Riksbank is also in favour of the proposal to require banks to allow private individuals to deposit banknotes in accounts. Until now, there has been no legal obligation for the major banks to provide this service, which is important for the role of cash as a means of payment.

“The cash infrastructure is currently very vulnerable and urgent legislative action is needed to protect it. It is essential that businesses can make cash deposits and receive petty cash for people to be able to use cash in society at all. The banks should take more responsibility for the cash of both their corporate and private customers,” says Erik Thedéen.