The Association of Lithuanian Banks (LBA) claims that restrictions on cash payments would certainly promote the reduction of the black market. The banks say that they would be ready to lower commissions for e-payments if the new regime were to be put in place.
“The number of countries, in particular in the EU, which choose restrictions on cash payments as the most effective way of reducing shadow economy, is ever growing. The effectiveness of that measure has been proved by many studies. Even Southern European countries, which used to tolerate shadow economy until now, are declaring war against cash payments,” LBA president, Stasys Kropas, told the daily.
He believes that the threshold for natural persons in Lithuania could be between 2,000 and 5,000 litas (EUR 1,449) and the threshold for business entities should be somewhat higher.
