To buy a vehicle, apartment, or any other expensive goods and services, today Albanians can pay the entire amount in cash, regardless of how high it may be. But following the recommendations of the European Commission, the Association of Banks recommends setting a ceiling for "cash" payments, in the amount of no more than 750 euros.
"The initiative related to the formalization of payments is welcome, but it must be well thought out. The time has really come for us to do like other countries," says Bora Feri, an expert in the payment system.
About 1.63 trillion lek currently circulate in the Albanian economy, of which over 400 billion or almost 24 percent of the total, outside the banking system.
Experts of the payment system estimate that the setting of this ceiling would, on the one hand, reduce the amount of money outside the banks, and on the other hand, would help citizens in particular and the economy in general.
"The benefits are in terms of security, as well as reducing informality. It also increases fair competition and eliminates corruption."
Despite the progress in terms of digital payments, Albania lags behind other countries in the Region. A recent World Bank report showed that Albania has the lowest percentage of the population over 15 years old that uses digital payments.
"This is mainly due to infrastructural problems, but also the relatively high costs we have in Albania."
North Macedonia is one of the countries that has approved a ceiling rate of 500 euros for cash payments. Currently, the Albanian legislation contains the limitation for cash payments only for businesses which are fixed at a maximum of 150 thousand ALL. (A2 Televizion)
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