In connection with Russia’s war of invasion in Ukraine, more and more Swedes wanted to have cash at home as part of crisis preparedness, and since then the question of whether or not the coins and notes are valid or not has been brought up several times.
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Erik Thedéen is head of the Riksbank. Photo: Christine Olsson/TT
Most recently, the Riksbank itself came out and warned of a development that could lead to cash no longer being used as a means of payment.
– If you don’t make active decisions now, we could have a situation before too long where cash is almost unusable in Sweden. And since we think that cash should be able to function as an alternative means of payment, for example in a crisis situation, we think that the government needs to make active decisions now to slow down such a development, said Elin Ritolaunit manager for payment analysis and innovation at the Riksbank, to SVT then.
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This is how much cash circulated in Sweden in 2023
In recent years, fewer and fewer people have used cash as a means of payment, although a survey in 2023 saw a certain increase among those who stated that they used cash for their last purchase: 10 percent compared to 8 percent the year before.
“One possible explanation for the increase is that in 2023 private individuals have used cash buffers that were withdrawn in connection with Russia’s full-scale invasion of Ukraine,” writes The Riksbank about the increase.
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Photo: Fredrik Sandberg/TT
But how much money is actually in circulation in Sweden? This is calculated every year by The Riksbankwhich stated for 2023 that it was notes and coins, with an average value of SEK 58 billion, that were in circulation.
This can be compared with the roughly 82 billion kroner that was in circulation in 2000, according to Statistics Sweden.
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