Russia To Ban Cash Transactions Over $10.000 – 30 March 2013

Cash-free payments will result in higher prices for some goods and services, according to experts. Source: PhotoXPress

Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015. The move is expected to boost banks’ cash reserves and put a damper on Russia’s shadow economy. However, the middle class will most likely end up having to pay the price for the scheme.