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Russia may limit cash circulation
7.03.2012 17:09
Russia may limit cash circulation
Five thousand Rubles banknotes

Russian Ministry of Finance is going to prepare an offer on cash limitation in the country, claimed the Minister of Finance Anton Siluanov.

“Nowadays some countries have been using such limitations”, he said.

The Ministry offers to make non-cash payment obligatory at making large-scale purchases, including buying real estate or a car.

Mr. Siluanov considers that one of the current problems is banks. There is not enough automatic cash terminals in small towns. He also thinks that popularity of cash money makes financial operations in Russia not transparent enough. The introduction of non-cash payments will let bring down the shadow sector of economy, which amounts now about 30-40 %.

Author: Irina Fomina

Tags: Russian finance     

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