Riksbanken Advises Swedish Households to Stockpile Cash Amid Global Tensions

The Swedish Riksbank has urged households to maintain cash reserves of at least one thousand SEK for essential weekly purchases, emphasizing the importance of being prepared amid a deteriorating global security landscape. Aino Bunge, the first deputy governor of the Riksbank, highlighted recent dramatic developments in the Middle East since Saturday as part of a broader trend of growing global concerns. However, she clarified that these events have not triggered any specific new communications from the Riksbank.

Bunge noted that more than 40% of Swedish households already keep at least one thousand SEK in cash, a figure that increased after Russia's full-scale invasion of Ukraine in 2022. She reassured citizens that there is no risk of cash shortages, even if the remaining 60% of adults choose to withdraw cash, affirming the Riksbank's ample cash reserves.

The Riksbank also advises using mobile payment solutions like Swish and payment cards from at least two different networks but has not specified exact amounts for digital or physical holdings. To keep the cash system functional, households should use cash regularly, ideally at least once a month, although this is not an official recommendation.

This guidance reflects the Riksbank’s emphasis on practical preparedness, accounting for household-specific needs as outlined by consumer calculations from the Consumer Agency (Konsumentverket). Bunge's comments underline ongoing concerns about the global environment, stressing that while global events like the Middle East conflict underscore tensions, Sweden’s financial infrastructure remains stable and ready to support its citizens.