Bulgaria: ECB Opinion on Draft Amendment to Law on Limitation of Cash Payments

The European Central Bank (ECB) has published its opinion on the Bulgarian draft law which will limit cash payments in the country. The draft law proposes reducing the threshold for cash payments to BGN5,000 (US$3,000) from January 1, 2018 and to BGN1,000 by 2019.

The ECB considers the reduction of the limit on cash payments to BGN1,000 by January 1, 2019 to be disproportionate because of the likely impact on the cash payment system. The ECB suggests a higher threshold should be provided with some flexibility for certain cases, for example, allowing the delivery and receipt of cash payments for reasons outside the individual’s control, “such as where no payment service provider is available at the place or time of the payment”.

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