Cash payments to be limited in Moldova

Chisinau, 29 February /MOLDPRES/ - The cash payments will be limited. The parliament has approved, in the second reading, a draft law which provides for norms on the circulation of cash money in the economic circuit and orientation to the carrying out of payments by transfer.   

The draft’s stipulations will be applied to the legal entities, no matter the type of property and the legal form of organization, except for the public authorities and institutions. The new conditions will be applied to the non-commercial organizations, private people who carry out entrepreneurial activity, resident representations and branches of the non-resident entities, as well as to the private people who buy real estate or transport means from other private people.    

Depending on the category in which they fit, the specific feature and frequency of payments, the limit of the payments made in cash will be of 100,000 lei cumulatively monthly or annually. In the context, the limit for the collection of cash payments from private people who do not carry out entrepreneurial activity will be of 100,000 lei per one payment. Thus, when buying real estate, the cash payment will be accepted only if its values does not exceed 100 average monthly salaries on the economy (about 1.37 million lei) and in the case of purchasing a vehicle – 50 average salaries on the economy (about 685,000 lei).    

At the same time, the economic agents will be able to limitlessly use financial means in cash for the remuneration of work and of other payments based on the labour relations, for the honouring of the obligations related to the loans borrowed from financial entities, carrying out of discounts with the public institutions and authorities, payment of fiscal obligations, payments and fines to the national public budget.

The draft also envisages the limiting of the commissions applied for the carrying out of discounts by transfer. Thus, the commissions or other payments collected from the providers of payment services from Moldova will not be able to exceed 0.1 per cent of the sum traded by transfer, including for the extraction of cash money.  

The document is to enter into force as of 1 January 2025.