Shadow economy in Ukraine at about 40%, Economic Development and Trade Ministry says

12:14, 28.05.2013 1 min read

Setting a maximum amount for cash settlements in Ukraine will contribute to the growth of revenues to the state budget and reduce the shadow economy, which currently stands at about 40%, Director of the Department of Financial Policy at the Economic Development and Trade Ministry Ivan Livy has said.

"According to a conclusion by ministry experts, the shadow economy in Ukraine currently stands at almost 40%," he said on Tuesday at an international conference "Payment Forum," which is taking place in Kyiv with the assistance of the National Bank of Ukraine.

He said that more than 110 million accounts of individuals had been opened in Ukraine, Ukrainians own 54 million payment cards and the public had been provided with proper tools to manage their own funds.