The Swedish central bank, Riksbanken, has proposed a maximum limit of 10,000 kronor for cash purchases in retail stores, according to reports from Swedish media outlets. The proposal, part of the bank's annual payments report, aims to make it more difficult for criminal organizations to use cash for illicit activities.
Riksbank Governor Erik Thedéen stated that the 10,000 kronor limit represents a balanced approach. "It's a matter of judgment. If you go too low, cash becomes too irrelevant. We thought 10,000 was quite well balanced," Thedéen said. He added that the proposal also aims to counter the perception that "only criminals use cash" by establishing a framework that legitimizes cash use within certain limits.
It's a matter of judgment. If you go too low, cash becomes too irrelevant. We thought 10,000 was quite well balanced
The proposal comes amid reports of criminal gangs using cash to purchase luxury goods. This issue gained attention when the prominent department store NK stopped accepting cash payments in February 2024, reportedly in response to criminal groups using large amounts of cash for purchases. The Riksbank's recommendation seeks to address similar concerns across the retail sector while maintaining cash as a viable payment option for legitimate transactions.
only criminals use cash