Sweden urges citizens to keep cash for crisis preparedness

Sweden has issued a warning to its citizens to keep cash at home in preparation for potential emergencies, including cyberattacks or military crises that could disrupt digital payment systems.

The recommendation was made by the central bank, Sveriges Riksbank, which advised households to maintain a small reserve of physical cash despite the country’s rapid shift towards a cashless society.

Under the guidance, households are advised to keep at least 1,000 Swedish kronor in cash per adult at home. The amount is intended to provide a basic level of spending power for about a week in the event that electronic payment systems become unavailable.

The warning reflects growing concern that cyberattacks or security tensions could temporarily disable online payment infrastructure. In Sweden, more than 90% of transactions are conducted digitally, meaning any disruption to financial networks could quickly halt everyday economic activity.

The concern is not limited to Europe. In the United States, cybersecurity authorities and major financial institutions have increasingly warned about the risk of large-scale cyberattacks targeting banks and critical financial infrastructure.

Such a scenario, sometimes referred to as a “Cyber 9/11”, could potentially trigger panic among depositors and lead to large-scale withdrawals from banks if confidence in the financial system were shaken.

In Asia, similar concerns have also been raised. Singapore’s Senior Minister Lee Hsien Loong recently warned that escalating global tensions could have far-reaching consequences for the global economy.

Although Singapore is not directly involved in the conflict, he cautioned that rising geopolitical tensions could affect energy prices, global trade and economic stability worldwide.

The developments have prompted many governments and financial experts to stress the importance of emergency preparedness, including maintaining access to cash and closely monitoring global economic risks.

Experts say that in an increasingly digital financial world, contingency planning for payment disruptions is becoming more critical, as technological convenience also brings new vulnerabilities from cyber threats and geopolitical conflict.