The Swedish Riksbank has launched a consultation proposing to limit the redemption of invalid banknotes to a ten-year period and to discontinue redemptions from 1 July 2027. The proposal is framed around existing documentation requirements for redeeming invalid banknotes, including the need to prove the origin of the cash. The Riksbank notes that banks do not normally retain customer information for more than 10 years, making it difficult to meet documentation requirements for older notes even where there are special reasons. The consultation also proposes stopping the redemption of damaged commemorative coins and increasing the banknote redemption fee from SEK 200 to SEK 300 from 1 September 2026. It references that time limits already apply in countries including Norway, Denmark and Finland. Comments on the proposals must be submitted to the Riksbank by 10 May.
Riksbank 2026-02-10
Swedish Riksbank consults on ending redemption of invalid banknotes after 10 years from July 2027 and raising the redemption fee to SEK 300
The Swedish Riksbank has proposed limiting the redemption of invalid banknotes to a ten-year period, ceasing redemptions from 1 July 2027, and increasing the redemption fee from SEK 200 to SEK 300 from 1 September 2026. The proposal also includes stopping the redemption of damaged commemorative coins. The Riksbank highlights challenges in meeting documentation requirements for older notes due to banks' retention policies.