Cost of cash management in Sweden to increase and this will hit hard small businesses and consumers
Monday, 28 October 2013
Swedish banks are raising the cost of handling cash, something that will make it very costly for businesses and consumer whom the cost will be passed to.
Therefore generally, it will be getting more expensive for retailers to handle cash transactions.
Large amount of cash generated from various Swedish retailers will cost them more for the banks to manage commencing from January 1. 2014. They are being encouraged to use various electronic payment systems – something the government and the Swedish tax man would love so much as it becomes easy to collect all to the least krona that would not have been recorded through the cash register
At most, the price of managing notes such as Skr1000 notes, will be over 1000 per cent more expensive for stores to hand over to banks or the major cash management depots.
Shop keepers are very critical of the bank attitude and believes that it will ultimately affect consumers who will bear the brunt of the price.
Responsibility for cash management in Sweden rests today on the company, Bankernas Depå, owned by the five largest Swedish bank.
The sharp increase is justified by the banks as due to increased costs of borrowing money, a cost that banks claim was subsidized in the past.
By Scancomark.com Team