Cash alert! Last chance to deposit your old notes
The Local · 31 Aug 2016, 07:11
Published: 31 Aug 2016 07:11 GMT+02:00
- Old Swedish cash worth billions still in circulation (26 Aug 16)
- Cashless Swedes sitting on old bills worth billions (29 Jul 16)
- Are tourists being caught out by Sweden's old bank notes? (14 Jul 16)
Wednesday August 31st marks the last day that the three notes can be deposited to bank accounts.
Anyone who misses the deadline will still be able to exchange the old notes for a 100-kronor fee by sending the notes to the central bank. But the Riksbank can ask late-comers where the money came from, and may demand to see receipts and bills in line with Sweden’s anti-money laundering laws.
Some 82 percent of the old notes have made their way to the Riksbank, but tender to the tune of 1.3 billion kronor ($152 million) is fast expiring in pockets, piggy banks and drawers nationwide.
Sweden’s central bank hopes to emulate Finland, which hauled in 85-90 percent of the old markka notes during the country’s transition to the euro.
“But there’s a big difference between the values of course,” said central bank divisional manager Christina Wejshammar.
“We have already take in a large proportion of the thousand-kronor notes: 92 percent.”
Sweden’s new 100 and 500-kronor notes are scheduled to enter circulation in October, while the old versions of those notes will stay valid until June 30th 2017.