Cash use supporting ‘shadow economy’ in Slovakia – study
Central bank research points to “substantial” activity intended to avoid regulatory scrutiny
The use of cash in Slovakia points to the existence of a substantial “shadow economy”, research from the country’s central bank has found.
In their study, the authors – André Casalis from the National Bank of Slovakia and Katharina Maier from the Deutsche Bundesbank – say the shadow economy includes payment for illegal products and services, as well as payments for legal activities that are not recorded for tax or regulatory purposes.
The study examines cash withdrawals from a selection of
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