Swedish Central Bank demands access to cash.

Sweden’s death of cash might be some time away.

The Governor of the Swedish Riksbank today issued a statement that the availability of cash should be a legal right in Sweden. Stefan Ingves went on to say that banks have reduced their cash handling services too quickly. This has led to a lack of availability of cash to the public in general.

The Riksbank added that the current supply of services is not meeting demand and this gap will only increase if the pace of change is not regulated. The Riksbank calls on the Swedish parliament to introduce an obligation for banks to make basic cash services ubiquitous.

Sweden has seen an almost 25% reduction in the amount of circulating cash since 2010.

“Mike Lee, CEO of the ATMIA, says: “This is a victory for common sense and for the future balance of the Swedish consumer economy and I’d like to congratulate the Swedish Riksbank for seeing through the mirage of anti-cash propaganda in the media to reveal the basic economic right of free citizens to choose their own payment methods at all times, whether cash or digital.”

Link to full article in Finextra.