Dutch Citizens Urged To Keep Cash Amid Russia Threats
By Stefan J. Bos, Chief International Correspondent Worthy News
AMSTERDAM (Worthy News) – Banks in the Netherlands, one of Europe’s leading data center nations, appealed to customers on Wednesday to have cash “due to geopolitical tensions” after the government urged citizens to keep a backpack at home with emergency items.
The appeals came amid concerns about the escalating war in Ukraine, where Russian forces gain territory, with Moscow warning the West not to intervene.
Dutch banks noticed that the risk “of sabotage of important infrastructure such as payment systems or energy networks – has increased in recent years, “particularly due to threats from Russia.”
If such systems fail, digital payment transactions through credit or debit cards and money transfers may not be possible.
“Cash is then the only viable means of payment you can use in the supermarket. Gold and cryptocurrencies are generally not accepted,” noted De Telegraaf (The Telegraph) daily newspaper.
The national Nederlandsche Bank (Dutch Bank) previously warned that citizens should prepare for a situation in which electronic transactions “are completely down for a few days.”
Although the Dutch Banking Association claimed banks are “very well prepared” for cyber attacks, the Dutch Bank cautioned that it views cyber attacks “as one of the greatest risks for the Dutch financial system.”
Dutch experts said earlier this year that a cyber attack “on our energy network is a matter of time.”
FINANCIAL MATTERS
The Dutch Banking Association pledged that “integral advice on how best to arrange financial matters if a problem occurs with the payment infrastructure” will be provided.
In Sweden, the government advised people to have enough money “for a week’s worth of groceries at home.” The Dutch Bank advised people to keep “50 euros ($52) in a sock for emergencies.”
That seemed a small change for what is necessary for most families: In the Netherlands, an average household of 2.2 people spends 167 euros ($175) a week on food, drink, and tobacco, according to the Centraal Bureau voor de Statistiek (Central Agency for Statistics).
Budget institute Nibud advised the Dutch to have enough money in the house “to bridge a few days,” whereby the composition of the household and its wishes, including car fuel, was also essential.
That didn’t please the Verbond van Verzekeraars (the Dutch Association of Insurers), which feared people would keep too much money at home.
“That is risky in the event of a burglary as
the compensation for stolen cash varies between 250 euros ($263) and 500 euros ($525),” it said.
Yet if it were up to the Dutch government, every citizen would bring a backpack into the house with “items that would be useful in an emergency.” In addition to cash, this would include bottles of water, non-perishable food, a first aid kit, a flashlight, and blankets.
The appeals come amid mounting anxiety in Europe that the war in Ukraine will spread to other countries, with Moscow seeking vulnerable targets.
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