Sweden Introduces New Banking Regulations to Strengthen Cash Infrastructure
The Riksdag has adopted a new Sveriges Riksbank Act that aims to ensure the stability of Sweden’s cash infrastructure. The legislation takes effect from January 2023 and grants the Riksbank greater responsibility for managing and maintaining the country’s banknote depots.
Concerns Over Private Sector Involvement
The decision was prompted by concerns over the declining profitability of private sector involvement in cash infrastructure management. To ensure the continued availability of these services, the Riksdag has sought to strengthen the role of the Riksbank.
New Responsibilities for the Riksbank
- Operate at least five banknote depots across the country
- One located in northern Sweden
- One in central or southern regions
- Monitor and analyze cash management across Sweden
- Present regular reports to the Riksdag Committee on Finance, highlighting challenges and providing recommendations for improvement
Banknote Depot Expansion
The first three depots are set to open on January 1, 2023, in:
- Märsta
- Jönköping
- Umeå
By January 1, 2026, the Riksbank will have established additional depots in:
- Jämtland or Västernorrland County
- Southern or central Sweden
Ensuring Cash Infrastructure Resilience
The new regulations emphasize the importance of ensuring that Sweden’s cash infrastructure can function effectively during times of crisis or increased preparedness. Companies responsible for cash withdrawal and daily takings must now develop contingency plans to maintain their operations in such scenarios.
Promoting Cooperation and Coordination
The Riksbank will work closely with other authorities, including:
- The Swedish Post and Telecom Authority
- County administrative boards (responsible for monitoring access to basic payment services)
This move is designed to strengthen Sweden’s cash infrastructure, ensuring its continued availability and reliability in both normal and extraordinary circumstances.