Sweden’s central bank, Sveriges Riksbank, has warned that the country’s payment system is vulnerable and requires significant improvements to enhance its resilience, and inclusivity. In a newly released report, the Riksbank called for strengthened infrastructure and a reduction in reliance on international actors.
The report urges Swedish banks to develop new payment services based on national and European systems to lessen dependence on external entities. According to the Riksbank, this shift is crucial for bolstering the stability and security of the Swedish financial landscape.
The central bank is demanding more services for instant payments and has indicated it is prepared to pursue legislation if progress is not made by March 2027. This potential legislative action underscores the seriousness with which the Riksbank views the current vulnerabilities.
Sveriges Riksbank, founded in 1668, is responsible for monetary policy in Sweden, with the primary goal of maintaining price stability. The bank too oversees the safety and efficiency of the nation’s payment system and manages the supply of banknotes and coins, holding an exclusive right to issue them. Erik Thedéen currently serves as the Governor of the Riksbank.
The Riksbank’s concerns extend to both traditional cash transactions and digital payments, encompassing the infrastructure that supports banking and corporate operations. The bank’s assessment highlights the require for a comprehensive approach to fortifying the entire payment ecosystem.
The Riksbank is a public authority under the Riksdag, the Swedish parliament. The bank’s Executive Board, responsible for leading its operations, is appointed by the General Council of the Riksbank, which in turn is appointed by the Riksdag. A monetary policy meeting is scheduled for March 18, 2026, to decide on monetary policy, including the policy rate, and a decision will be published on March 19, 2026, followed by a press conference.
Currently, the policy rate is 1.75%, effective February 4, 2026.