Swedish central bank says adults should hold week’s worth of cash at home for essentials in case of crisis

Sweden’s central bank said: 'Having access to different payment methods improves the public’s ability to make payments in the event of temporary disruptions, crises and, in the worst case, war'. Photo / Kyrre Lien, Bloomberg

All Swedish adults should hold a week’s worth of cash at home so they can buy food, medicine and other essentials in case of a war or other crisis, Sweden’s central bank said.

In addition to the 1000 kronor ($180) per adult, Swedes should also keep bank cards from multiple lenders and use the local online payment service Swish, the Riksbank said today in its first guidance on payments aimed directly at citizens.

“The general public is an important part of Sweden’s total defence and central to strengthening national preparedness,” the central bank said.

“Having access to different payment methods improves the public’s ability to make payments in the event of temporary disruptions, crises and, in the worst case, war.”

The recommendations are the latest effort by Swedish authorities to prepare society for the effects of a military or cyberattack amid increased threats from nearby Russia and to a lesser extent Iran.

The Government has already sent a brochure to every home telling Swedes among other things how much drinking water they should store and how they can access news during a power cut.

Sweden’s payment system is seen as particularly vulnerable because it is highly digitalised with only around one in 10 payments made with cash.

The Riksbank has called for a new law to protect the status of cash, but such legislation has yet to be introduced. It has said that offline card payments for food and medicines should be available to citizens in the event of a disruption to the system by July 1.

Central banks of Finland and Norway, both border states of Russia, have already issued guidance to their citizens on holding cash and more than one bank card.

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