A Polish financial expert estimates that households should have 500 to 1000 zł in cash for a few days of problems with cashless payments in case of a crisis.
Preparing for Emergency Situations
Considering recent incidents such as blackouts in the Czech Republic and Portugal, increasing cyberattack risks, and the ongoing war in Ukraine, it’s essential to prepare for emergency situations. These situations may lead to disruptions in bank and ATM operations, as well as cashless payment systems.
How Much Cash to Keep at Home
According to Olga Domagała-Telka, an expert from totalmoney.pl, having some cash is always a good idea, but the amount depends on individual needs and financial capabilities. For a few days of problems with cashless payments, 500 to 1000 zł should be sufficient. It’s recommended to have smaller denominations for easier transactions.
This amount should enable the purchase of food and medicine for a few days. If banks experience problems for several weeks, having 2,000 to 3,000 zł might be helpful. In the event of an attack on energy infrastructure, difficulties with payments may last a month, and it’s recommended to have an amount equivalent to monthly household expenses.
Useful Currencies
The expert also suggests keeping cash in foreign currencies, which can be helpful in case of fluctuations in the zloty exchange rate. Stable foreign currencies like dollars, Swiss francs, pounds sterling, and euros may be particularly useful, especially if you plan to travel abroad.
Cash Usage in Poland
According to “Puls Biznesu,” Poles increasingly perceive cash as a reliable means of payment, especially in crisis situations. At the end of August, the value of cash in circulation was 443 billion zł, a 7.4% increase from the beginning of the year. The National Bank of Poland estimates that the value of cash transactions will be about 10% higher than last year by the end of the year.
