Aino Bunge urges robust measures to secure cash access and use
First Deputy Governor Aino Bunge emphasized the necessity of government measures to protect cash use and access, speaking at the Kontantupproret seminar in Parliament.
Safeguarding cash for crisis and inclusion
First Deputy Governor Aino Bunge welcomed the government's recent bill aimed at safeguarding cash use and access, stating it is 'good that there is now a clear government bill'.
Speaking at the Kontantupproret seminar in Parliament, Bunge highlighted the importance of these measures.
The Riksbank recently recommended that households keep approximately SEK 1,000 in cash per adult for preparedness.
Bunge underscored that cash is crucial not only in times of crisis or war but also in normal circumstances for individuals lacking payment accounts or unable to use digital services.
The proposed legislation requires grocery stores and pharmacies to accept cash, and improves private individuals' ability to make cash deposits.
Furthermore, it enhances companies' opportunities to collect change and make overnight deposits, strengthening the overall cash chain.
Riksbank's efforts to maintain the cash chain
The use of cash continues to decline, prompting the Riksbank to encourage regular cash use to maintain the operational integrity of cash systems.
The central bank has long stressed the need for political measures to ensure cash remains a viable payment method.
First Deputy Governor Bunge highlighted the government's responsibility in upholding the cash chain, a role in which the Riksbank is a key player.
To this end, the Riksbank has opened several new cash depots nationwide in recent years, completing the fifth and final one in Sundsvall at the beginning of the year.
It has also established new reserve stocks of banknotes and enabled more companies to collect and deposit cash directly.
Essential for resilience and equity
This government bill marks a crucial step in recognizing cash as a public good, not merely a private payment choice.
While the Riksbank's infrastructure efforts are commendable, sustained public engagement is vital to prevent the system from atrophying.
This legislative push, combined with active usage, is essential for Sweden's resilience and social equity.