Cash Use – Updates from Around the World

Sweden’s Riksbank, the Eastern Caribbean Central Bank (ECCB), the Central Bank of Uruguay and the Federal Reserve all provided information on cash use in their economies at the recent Banknote Conference in Fort Worth, TX.

Sweden

While the number of cash transactions was down to 10% of transactions in 2023, this was up from 7% in 2020 and 2022. This increase was unexpected because cash withdrawals from ATMs were down in 2023 and retailers reported less cash usage. It is assumed that the war in Ukraine has caused more cash to be held.

Norway and Sweden have been the only countries to see cash in circulation decline in advanced economies and the result has been a decline in cash infrastructure. No major bank now handles cash and, as a result, cash services have increased from machines. However, the thresholds for cash deposits are low, SEK 10,000 per week ($925).