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Finance minister proposes to cap cash transactions at BGN 5,000

Assen Vassilev
Photo: BGNES

Finance Minister Assen Vassilev is proposing to limit cash payments to BGN 5,000 (just over EUR 2.5,000), instead of the current BGN 10,000 (just over EUR 5,000), in order to combat the shadow economy. However, his idea was not supported in Parliament, not only by the opposition, but also by his own PP-DB coalition.

The Vazrazhdane party argued that such a restriction was not in the interests of businesses, which would have to pay higher fees to banks. According to Martin Dimitrov of PP-DB, such a requirement would make it difficult for residents of small settlements where there is no developed network of bank branches, and if there is to be such a lowering of the limit, it should be smoother.

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