To buy a vehicle, apartment, or any other expensive goods and services, Albanians can pay "cash" the entire amount, regardless of how high it may be. Following the recommendations of the European Commission, the Association of Banks recommends setting a ceiling for "cash" payments, in the value of no more than 700 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", said Bora Feri, an expert on the payment system, for A2.
About 1.63 trillion lek currently circulate in the Albanian economy, of which over 400 billion, or almost 24% of the total, are 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, would help citizens in particular and the economy in general.
"The benefits are in terms of security, as well as the reduction of informality. Also, fair competition increases and corruption is eliminated", added Feri.
Despite the progress in 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 adopted 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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