Sweden’s central bank has said it backs a government proposal to introduce an obligation to accept cash in the sale of essential goods.

The Riksbank has submitted a consultation response to the Cash Inquiry appointed by the Ministry of Finance in 2024, which proposes an obligation to accept cash for those selling essential goods and charging fees under public law, including supermarkets and healthcare centres.

The central bank said that 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," said Erik Thedéen, governor of the Riksbank. "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."

The Riksbank 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, which it has said must be introduced "as soon as possible".

As well as this, it is backing 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 in Sweden to provide this service.

“The cash infrastructure is currently very vulnerable and urgent legislative action is needed to protect it," continued Thedéen. "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."

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