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Sveriges Riksbank: 6 million 1000-krona banknotes will become invalid in 6 weeks' time

Press release published at The Swedish Wire
The turn of the year will soon be upon us and the older versions of the 50-krona and 1,000-krona banknotes, those without a foil strip, will then become invalid as a means of payment. A total of 8 million older 1,000-krona banknotes have been received by the Riksbank so far this year, but there are still 6 million 1,000-krona banknotes in circulation that will soon become invalid. 

"We want to remind everyone who still has 50-krona or 1,000-krona banknotes without a foil strip to either use them when paying for things or to deposit them in a bank account no later than 31 December this year,"says Christina Wejshammar, Head of Division at the Riksbank.

A total of 8 million older 1,000-krona banknotes have been received by the Riksbank so far this year, but there are still 6 million banknotes to a value of SEK 6 billion in circulation.

"Don't wait too long because the banks and shops may have limits about accepting cash. The banks can accept deposits of older 50-krona and 1-000-krona banknotes without a foil strip up to and including 28 February 2014," says Christina Wejshammar.

The Riksbank receives a lot of queries about the banknotes that will soon become invalid. The following information may be useful:

· The simplest way to deal with the 50-krona and 1,000-krona banknotes without a foil strip is to use them when paying for things or to deposit them in a bank account.

· Do this as soon as possible because the banks and shops may have limits about accepting cash. Remember that the banks apply the Act on Measures against Money Laundering. This means that you may need to provide proof of identity when you want to deposit your banknotes and that you may be asked to explain where the money came from.

· If you still have invalid banknotes in your possession after 28 February 2014 you can contact the Riksbank which, for a fee, will accept the banknotes and deposit them in your bank account. The Riksbank applies regulations regarding measures against money laundering.

· On 31 October 2013, there were banknotes and coins to a value of SEK 85 billion.

· The introduction of a new Swedish banknote and coin series will begin in 2015. The new banknotes will have new security features that provide better protection against counterfeiting, and the new coins will be smaller and lighter.

There are currently two versions of the 50-krona and 1,000-krona banknotes. It is the older versions, those without a foil strip, that will become invalid after 31 December 2013. The newer versions, with a foil strip, will remain valid after the turn of the year. The reason why these older banknotes will become invalid now is to reduce the number of banknotes and banknote versions in circulation ahead of the major banknote and coin changeover that will begin in 2015.

www.riksbank.se

Press office tel. 46 8 787 0200

This information was distributed by Cision
 

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