On April 17, 2018, the Norwegian Ministry of Finance released a clear set of regulations requiring banks to meet demand for cashMoney in physical form such as banknotes and coins. More as a contingency solution in case of disruptions of electronic paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More systems.
Since the implementation of the Financial Undertakings Act in January 2017, banks were already required to accept cash deposits from customers. The revision of this act was developed thanks to the input received following a public consultation. The revisions are applicable starting January 2019 and require banks to have necessary arrangements to meet growing demand for cash.
“[Norwegian] Banks are obliged to have sound arrangements in place to be able to meet increased demand for cash, but may take electronic contingency solutions into account when dimensioning their cash arrangements. They will therefore have flexibility to develop different solutions,” states Minister of Finance, Siv Jensen.
To read the Norwegian press release, please click here.