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Poland Backtracks on Plans to Limit Cash Payments

World

Photo by kolbet / Shutterstock.com

Poland is set to scrap planned measures that would have placed limits on the maximum size of cash transactions, local media reported.

The decision comes after a junior partner in the ruling coalition criticized the restrictions as an infringement of Poles' freedoms at the behest of "eurocrats" and the "banking lobby".

Under measures introduced as part of the government's flagship 'Polish Deal' tax reform program, from January 1, 2024, cash payments between businesses are supposed to be limited to PLN 8,000 (EUR 1,800), and payments by consumers to businesses to PLN 20,000 (EUR 4,500).

However, in April this year, Sovereign Poland (SP), a hard-right junior partner in Poland's national-conservative ruling coalition, submitted legislation to remove those planned limits.

"For the sake of freedom, security, and cultural identity, we propose to maintain the current status quo," said the party's Marcin Warhoł, who serves as deputy justice minister. Currently, business-to-business cash transactions are limited to PLN 15,000 and there is no limit on cash payments by consumers.

Warchoł cited central bank research indicating that over 18% of adults in Poland do not have electronic payment cards, a figure that rises to 48% among those aged over 65. "Restrictions on cash means social exclusion, financial exclusion," he argued. 

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