OSLO: Norway’s largest financial services group, DNB believes the dangers and disadvantages of cash make it necessary to give it up as payment method.
According to VG’s report, there is about 50 billion NOK in circulation and Norway’s central bank (Norges Bank) can trace only 40 percent of spending.
Director for retail banking in DNB, Trond Bentestuen told to VG that this means 60 percent of spending is out of control. Bentestuen believes much of this untraceable amount revolves around the black economy and money laundering.
He also notes that only six percent of Norwegians use cash daily. The cash which is drawmn from banks contributes to violent crime, according to the director.