Cash changeover - how is it going?
Date
24/11/2014
Next year Sweden will receive new banknotes. In October 2015, the first banknotes will be released into circulation – the 20-krona, 50-krona, 200-krona and 1,000-krona notes. Preparations are in full swing at the Riksbank. But have you thought of everything? We talk to Christina Wejshammar, the head of the Cash and Payment Systems Department.
"We are in an intensive stage right now. Various preparations are under way both at the Riksbank and in other areas of the cash handling sector. The Riksbank's preparations involve ensuring we have the volume of banknotes we need and that they have the right quality. We also need to ensure that we have the capacity needed when the cash changeover begins in October next year."
Do you see any risks of delays or technical problems for the retail trade?
"We have regular contact with the various stakeholders in the retail trade. Our assessment is that the branch is well prepared. Retail traders are busy adjusting their cash equipment, the ATM companies are adjusting their devices and the cash-in-transit companies are adjusting their machinery. No one has notified us of any delays."
How do you ensure the retail trade knows what volumes of new banknotes they need to order?
"Retailers will order new banknotes as they need to fill their cash registers. This means that they will receive new banknotes in stages in the autumn. The Riksbank has calculated the volumes of the different denominations that will be needed when the new banknotes arrive. We take no risks with regard to this and we are closely following the use of cash in society to be able to estimate the need for new banknotes."
How will you manage the greater work burden for the Riksbank's cash management offices?
"We will increase our resources. This will be done by, for instance, recruiting new employees. We will also automate the handling of invalid banknotes that are sent in for redemption, which will make the process faster and more efficient."
And of course the big question is, WHEN will we get to see the new banknotes?
"What we have shown up to now is the artistic designs. At the end of February next year we will be able to show how the new banknotes and coins will really look. They are very beautiful!
