Better withdraw cash, large banks appeal. How much per person?

We all know that the situation in the world is tense. In connection with European banks are appealing to citizens to have cash for the so-called rainy day in case of emergency. This is not necessarily about an armed conflict, but, for example, possible attacks on infrastructure that may disrupt the operation of power plants or payment systems. Such an appeal was issued, among others, by the Central Bank of Sweden, which provided a specific amount per person.

The Central Bank of Sweden appealed to citizens to be ready for any eventuality. For this purpose, they should, among other things, have paid cash for the so-called black hour, i.e. unforeseen situations. The bank suggests that each household should secure at least CZK 1,000 for this purpose, or approximately EUR 93 per adult. In Poland this would translate into approximately PLN 400.

The European Central Bank recently issued similar recommendations. He relied on the recommendations of banks in the Netherlands, Austria and Finland.

Central banks, ministries of finance and civil protection agencies in several countries now recommend that households have a few days’ supply of cash for essential purchases. For example, authorities in the Netherlands, Austria and Finland suggest having an amount of approximately EUR 70-100 per household member, or enough to cover basic needs for approximately 72 hours.

Cash may be the only solution in a blackout situation, which has already happened in, among others, Spain and Portugal. In turn, in Denmark, one of the digital payment companies failed, leaving many people unable to pay by card or phone. In such situations, physical money will be the only salvation.

Moreover, banks – in addition to cash – also suggest having at least two payment cards from different providersbecause if one fails, we will always be able to use the other.

It is also worth mentioning that work on an offline payment system is already underway in Denmark. By the end of the period, it will be operational, among others, in grocery stores and pharmacies.