OREANDA-NEWS. October 13, 2010. The dominance of the euro as the main currency of transactions has led to decreased demand for other currencies, as a result of which SEB will be reducing the number of currencies in which it carries out cash transactions as of 1 December 2010. Electronic transactions will not be affected, reported the press-centre of SEB.

Since 2002, when the European single currency was introduced, the proportion of the euro in cash transactions has grown steadily. Compared to that year, when 44% of foreign currency cash transactions in SEB were conducted in euros, the proportion will have grown to over 80% by the end of this year. The next most popular currencies are the US dollar, the Russian rouble and the Swedish krona. The proportions of other currencies are very small.

As of 1 December, due to the lack of demand, SEB will no longer be carrying out cash transactions at its branches (i.e. currency exchange and payments into and from accounts) in the following currencies: the Australian dollar (AUD); the Canadian dollar (CAD); the Czech koruna (CZK); the Hungarian forint (HUF); the Japanese yen (JPY); and the Polish zloty (PLN).

Electronic settlements in these currencies will continue as before. Existing settlement accounts in these currencies will remain valid and transactions will still be able to be made in the currencies – the only difference being that cash will have to be withdrawn from branches in another currency.