Limitation of Cash Payments Act

On the 22.02.2011 has been promulgated the Limitation of Cash Payments Act, which prohibits cash payments exceeding 15000 BGN or their equivalent in other currency on the territory of Bulgaria. In addition, the new act stipulates that on option for payments to the budged with payment cards without any additional fee for the payer to be secured by the public authorities. The new act aims at limiting of the illegal fund transfers, but as a side effect it will stimulate the use of payment services, which may lead to growth of the payments services market in Bulgaria.