The National Bank explained why.
The National Bank commented on why the authorities intend to introduce changes concerning the foreign exchange market and loans. Among other things, they want to limit loans between individuals in foreign currency, writes “Mirror”.
Shortly about what they want to change
The bill, which was approved by Parliament in the first reading on June 9, wants to limit loans between individuals in foreign currency. The exception – between close relatives. Also, the authorities intend to prohibit the issuance of loans to the population on the security of the only residential house or apartment. Another possible innovation is to introduce restrictions on penalties and interest for the use of money in debt (we are talking about loan agreements between individuals).
Officials also want to prohibit individual entrepreneurs and legal entities that are not engaged in microfinance activities, to issue loans to individuals. They intend to make an exception for loans that employers give to their employees.
The National Bank explains the possible innovations
“The norms of the draft law are collectively aimed at protecting the rights of borrowers – individuals, reducing the debt burden on such citizens, excluding cases of conclusion of loan agreements with citizens on bonded terms, as well as to increase public confidence in the financial sector,” said Deputy Chairman of the National Bank Denis Skobialko.
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