News in Brief

Swiss Vote for Cash

73.4% of voters endorsed a government proposal to guarantee the right to use cash, require the Swiss National Bank to maintain adequate supplies of notes and coins, and stipulate a nationwide vote to replace the Swiss franc with another currency. A more onerous proposal was not accepted.

Hoarding Cash Against Payment Disruption

The Swedish central bank, Sveriges Riksbank, is urging consumers to hoard a week’s worth of cash in case of disruption to payment services during the volatile climate, SEK 1,000 per adult ($108.70). Sweden’s high degree of digitalisation may lead to vulnerabilities in the payments system.

The Riksbank is consulting on a ten-year time limit for the redemption of invalid banknotes, increasing banknote redemption fees from SEK 200 ($22.12) to 300 ($33.18) and stopping the redemption of damaged commemorative coins.