As we read on the Skandynawiainfo website, Bank PKO SA announced on May 31 the suspension of cash transactions in Norwegian and Swedish crowns. Baku customers have been informed about this action. The effect of this decision is the discontinuation or limitation of the exchange of these currencies by bureaux de change into zlotys in Poland.
This situation is due to the fact that Norwegian and Swedish banks have already announced that they will no longer buy crowns from foreign financial institutions.
We had already read on biznes.interia.pl that Danish commercial banks also began to refuse to accept Danish kroner in cash from abroad, which resulted in Polish banks not accepting this currency either. Now a similar problem concerns the currencies of Sweden and Norway. People with cash in foreign currencies may be concerned about this situation. Denmark has already stopped importing its own cash, and now banks in Sweden and Norway have taken similar action.
This unusual situation results from the provisions of the Anti-Money Laundering Act, which prompted Danish commercial banks to stop importing Danish kroner in cash. This means that they refuse to accept deposits in this currency from both foreign banks and institutions. This situation also applies to banks in other countries, including Poland. The National Bank of Poland, the Polish Bank Association and the National Bank of Denmark are trying to solve this problem, but so far without success. Banks in Sweden and Norway have taken similar measures.
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It should be noted that these are not government or parliamentary regulations, but decisions of private companies, i.e. banks. This is an exceptional situation, because it is important for commercial banks to accept the national currency in international cash transactions. In addition, in the case of Denmark and Sweden, this applies to countries that are part of the European Union.
You can still pay with cash in Norway
In Norway, Sweden or Denmark there is no problem - you can still pay in cash, e.g. in stores. If we are planning a trip to these countries, it is worth buying cash at a currency exchange office. Even though the turnover of these currencies in Poland is marginal, it is worth noting that in Over 120 Poles officially live in Norway.
Under normal circumstances, banks have the option to resell surplus cash in foreign currency to other banks, for example, Polish banks can sell surplus euros to German banks and receive transfers in euros. However, in the current situation, it is difficult to physically transport cash to the buyer's country.
Will we only use virtual currency?
However, from information from the Norwegian Ministry of Finance, we can learn that the government has appointed a public commission to study the future payment system, which will ensure safe and simple payments for everyone. Although the use of cash has declined, it still has important functions in the payment system. The Commission will assess the role of cash and new payment methods and actors. It will also consider whether new means of payment can secure the desired properties of cash. The committee is made up of experts from various fields and a reference group will be set up to provide a variety of perspectives.
– It is important that in the future people will also be able to pay in a safe and simple way. Technology creates great opportunities, but at the same time we must also take care of those groups for whom digital transformation is demanding. It will be a broad and good overview that will ensure a good payment system for the future, for society and for the individual in everyday life, says Finance Minister Trygve Slagsvold Vedum.
In addition, the government writes, the question is whether some of the desirable properties of cash can also be secured by new means and payment instruments, for example central bank digital money or private digital money, or by new solutions for the use of money.
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Source: Skandynawiainfo, interia.biznes, regjeringen
