Swedish Authorities Urge Citizens to Keep Cash Ready for Emergencies

In light of declining cash usage and potential electronic payment failures, Swedish authorities are urging citizens to maintain a cash reserve of 2,000 kronor for emergencies. The call comes from the Swedish Civil Contingencies Agency (MSB), which highlighted the importance of cash availability for essential purchases during crises.

Elin Bohman, a spokesperson for MSB, stated, "Having 2,000 kronor in cash is a good guideline to ensure individuals can manage for a few days in the event of disruptions to electronic payment systems." This recommendation comes as cash transactions have plummeted, with less than 10% of Swedes using cash regularly, a decline from 40% a decade ago, partly accelerated by the COVID-19 pandemic.

The MSB's advice highlights cash's role in everyday purchases like groceries and fuel, particularly as bank ATMs typically dispense larger denominations. The agency warns that the decreasing reliance on cash could pose challenges during emergencies when electronic systems might fail. Amid rising concerns about a cashless society, issues of privacy and systemic failures have been raised by several experts, including Björn Eriksson, a former national police chief. Eriksson emphasizes that these trends could marginalize certain groups who lack access to digital payment methods.

Notably, the ongoing geopolitical tensions, particularly following the Russian invasion of Ukraine, have prompted a surge in cash withdrawals, revealing the stress points in Sweden's payment infrastructure and highlighting the necessity for personal preparedness. As the conversation surrounding Sweden's path towards becoming potentially the world's first cashless society evolves, the MSB's recommendations bring significant attention to the vital importance of having cash on hand.