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Central bank gov urges more electronic, fewer cash payments

Hungarians could save as much as HUF 100 billion a year if they used less cash and more modern means of payment, National Bank of Hungary governor András Simor said at a conference organised by the central bank on Thursday.

The Hungarian economy's demand for cash is "very high”, with cash in circulation exceeding 8% of GDP, Mr Simor said. The population spends the equivalent of about 1.5% of GDP on payment transactions, he added.

Gradually using more electronic payments would support a decline in the grey economy, he said.