Bulgarian FinMin Firm on Restricting Cash Payments

Finance | January 13, 2011, Thursday // 20:22|  views

Bulgarian Finance Minister, Simeon Djankov, is firm restricting cash payments would limit contraband and illegal activities. Photo by BGNES

The Bill restricting cash payments must be passed as is at second read, the Bulgarian Finance Minister, Simeon Djankov, says.

Earlier Thursday, the Parliament voted that amounts exceeding BGN 5 000 must be paid only through bank transfers along with work wages.

Over opposition's criticism the move will benefit banks, the Members of the Parliament from the ruling Citizens for European Development of Bulgaria (GERB) party made the commitment to eliminate the text about the wages at second read.

Djankov was adamant restricting cash payments would limit contraband and illegal activities and reminded there is a way to solve the problem by paying salaries through debit cards.

"We will be trying everything to convince the MPs, because the Finance Ministry firmly believes the Bill must be passed as it has been written," Djankov declared.

The Minister spoke in the city of Shumen. He was on a visit, along with now-resigned Minister for Bulgarians Abroad, Bozhidar Dimitrov, to meet the heads of the archeological sanctuaries of Madara, Pliska and Preslav, to discuss financing opportunities.

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Tags: bank transfers, contraband, cash payments, restricting, Simeon Djankov, finance minister, GERB


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