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Government plans to lower amount of cash held by Hungarians

In Hungary

The amount of cash held by Hungarians has doubled in the past five years, and as a result, the Hungarian government is attempting in its 2017 budget to lower what it considers an obstacle to the whitening of the economy, Hungary’s National Economy Minister Mihály Varga said today, according to reports.

According to the minister, Hungarians prefer cash over bank cards for a number of reasons, including the high transaction fees, the limited availability of bank card payment systems, the high cost of maintaining such systems and the limited number of free cash withdrawals, Hungarian online daily origo.hu reported. 

Varga stressed that in a country where the amount of cash is high there is an increase of black economy activity, which the government hopes to reduce by reducing the amount of cash held by Hungarians through incentives or measures to be propose in next year’s budget.

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