The Bank of Estonia, following the central bank of Sweden, has urged residents to keep a supply of cash at home.
The Bank of Estonia recommends that people keep a supply of cash at home while simultaneously preparing for the introduction of the digital euro. Both options will play an important role in case traditional payment methods do not function.
Although in Estonia most everyday payments are already made using cards or mobile phones, this does not mean that cash has lost its significance. On the contrary, the Bank of Estonia emphasizes that readiness for crises also means having alternative payment methods, writes ERR.
Those without cash will face significant difficulties in the event of a failure of card and phone payments. Such individuals will be unable to purchase groceries in stores, medicines in pharmacies, and fuel. There will also be no possibility to withdraw money from ATMs in the event of a system failure. It is emphasized that it is preferable to have cash in euros in the smallest denominations possible, as there may not be change available in trading places.
Earlier, the Central Bank of Sweden recommended that residents keep a week's supply of cash at home — at least 1000 Swedish kronor (approximately €100) per adult, preferably in small denominations. It is advisable for people to have small bills, as there may be no change available in stores and pharmacies in the event of a crisis. The goal is to ensure sustenance for a week (groceries, fuel, medicines) during a power outage or a failure in the operation of bank cards.
Despite its status as one of the world leaders in cashless payments, Sweden is returning to cash as an element of civil defense and resilience.
