Regulatory News
Riksbank will stop redeeming invalid banknotes after 1 July 2027
Riksbank will stop redeeming invalid banknotes that have been invalid for more than ten years from 1 July 2027. Applications must reach the central bank by 30 June 2027.
- Invalid Swedish banknotes older than ten years will no longer be redeemed from 1 July 2027.
- The Riksbank says applications must be received by 30 June 2027.
- It estimates about SEK 3.9 billion in invalid banknotes remain unredeemed.
- Redemption costs 300 kronor if the application is approved.
Action
The Riksbank will no longer redeem banknotes that have been invalid for more than ten years from 1 July 2027.
It said the public has had ample opportunity to identify and hand in old, invalid banknotes. It also said a time limit is justified for cost reasons.
Respondents
The central bank said the change applies to invalid Swedish banknotes. It estimates that invalid banknotes worth about SEK 3.9 billion have not yet been redeemed.
Effective
The Riksbank must receive redemption applications by 30 June 2027 at the latest. It said applications can be submitted online or on paper, with supporting documentation showing where the money comes from.
The Riksbank assesses each application case by case. If approved, the money will be paid into a bank account or giro account.
Penalty
It costs 300 kronor to redeem invalid banknotes if the application is approved.
स्रोत: Riksbank,