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From the years to banknotes and coins were circulated at a near constant level of around 12, krona per capita, but in a modified 1,krona banknote with a motion security strip was produced. Within seven years the banknotes without the strip were declared invalid, leaving only a radically reduced number of banknotes with foil valid. The Vasa 1,krona banknote without the foil strip became invalid after 31 December , and the pieces with the foil strip are invalid after 30 June Also the Swish mobile payment system was established in Sweden in and become a popular alternative to cash payments.

Although many countries are performing larger and larger share of transactions by electronic means, Sweden is unique in that it is also reducing its cash in circulation by a significant percentage. The circulation levels in the table above were reported to the Bank for International Settlements.

Possible discrepancies with these statistics and other sources may be because some sources exclude "commemorative banknotes and coins" 3. The value of the payments between households, companies and authorities in Sweden amounts to about 20, kronor annual per capita in cash.

In shops, almost one in seven payments is made in cash. More than half of the adult population has the Swish payment app. Annual withdrawals from Swedish ATMs in amount to 15, kronor per capita. According to Skingsley, "what some consumers, smaller companies and local clubs often see as a problem, is not so much getting hold of cash, but being able to deposit it in a bank account.

To see how circulation of the Swedish krona ranks compared to other currencies see Bank for International Settlements Red Books. The e-krona digital krona is a proposed electronic currency to be issued directly by the Riksbank. It is different from the electronic transfers using commercial bank money as central bank money has no nominal credit risk, as it stands for a claim on the central bank, which cannot go bankrupt, at least not for debts in Swedish krona.

The declining use of cash in Sweden is going to be reinforced cyclically.

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As more and more businesses find they can have a functional business without accepting cash, the number of businesses refusing to accept cash will increase. That will re-enforce the need for more and more citizens to get the Swish app which is already used by half the population. Cash machines, which are controlled by a Swedish bank consortium, are being dismantled by the hundreds, especially in rural areas. The Riksbank has not taken a decision on issuing e-krona. First, the Riksbank needs to investigate a number of technical, legal and practical issues.

Although it may appear simple at first glance to issue e-krona, this is something entirely new for a central bank and there is no precedent to follow". If the Riksbank chooses to issue e-krona, it is not to replace cash, but to act as a complement to it. It is our statutory duty and we will of course continue to live up to it," concluded Deputy Governor Cecilia Skingsley. In December , Sweden's Minister for Financial Markets Per Bolund announced a government review to explore the feasibility of moving to a digital currency that is expected to be completed by the end of November in From Wikipedia, the free encyclopedia.

For the Swedish monarchy, see Monarchy of Sweden. Currency of Sweden. Main article: Sweden and the euro.

This section needs to be updated. Please update this article to reflect recent events or newly available information. January Money portal Numismatics portal Sweden portal. Sveriges Riksbank. Retrieved 7 July Bank for International Settlements. December Retrieved 22 January Archived from the original on 30 September Retrieved 12 September Aftonbladet in Swedish.

Retrieved 12 December Svenska Dagbladet in Swedish. Archived from the original on 19 May Retrieved 21 May Archived from the original on 12 April Retrieved 2 June Retrieved 28 December Archived from the original on 7 May The Local. Archived from the original on 18 December Retrieved 18 December Retrieved 25 January Archived from the original on 3 March Retrieved 19 July Archived from the original on 11 July Archived from the original on 16 May Archived from the original on 3 June Archived from the original on 9 May Archived from the original on 5 June Archived from the original on 6 May Retrieved 21 July Expressen in Swedish.

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