Ukraine Wants to Go Cashless But the Black Market Rules
- Ukrainian central bank seeking to clamp down on grey economy
- Asset declarations show tax service head has $2m cash savings
A bank worker rolls up uncut sheets of ten and one hryvnia banknotes after arranging for a photograph at the headquarters of the National Bank of Ukraine in Kiev, Ukraine, on Tuesday, March 22, 2016. Ukraine's political gridlock, already holding up billions of dollars in aid, is also threatening financial stability and postponing monetary easing, according to the nations central bank governor.
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The timing was far from ideal.
Shortly after Ukraine slapped curbs on cash transactions to help rein in the grey economy, the head of the nation’s tax service told reporters he won’t entrust his savings to banks. His stash of dollars, euros and hryvnia was the equivalent of $1.8 million, according to government asset declarations from 2016.