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22/10/2024
Tuesday
THIS DAY IN HISTORY:
22 October 
1970 Joseph Brodsky received the Nobel Prize in Literature.
1970 The Pope overturned the verdict of 1633, condemning Galileo.
1970 Bankers' Panic or Knickerbocker Crisis.
22 October
1970 Joseph Brodsky received the Nobel Prize in Literature.
1970 The Pope overturned the verdict of 1633, condemning Galileo.
1970 Bankers' Panic or Knickerbocker Crisis.
THE CENTRAL BANK PROPOSED TO CHANGE THE STRUCTURE OF THE MICROFINANCE MARKET
The central bank has proposed to change the structure of the microfinance market. The reform is proposed to be carried out in the next three years.
According to the press service of the Bank of Russia, today one of the main problems of the sphere is low confidence in microfinance. This is also faced by companies that finance, for example, entrepreneurs or provide installments. And they not only do not create risks, but also stimulate the supply of services and goods.
"The main changes will affect the market of the most expensive consumer loans," the Central Bank said.
Today, the regulator explains, a large volume of such consumer loans is provided at the highest possible interest rate, regardless of the "quality of the borrower." A third of them are reissued, and unpaid interest is transferred to the body of the new loan. Thus, Russians find themselves in a debt spiral.
The Central Bank proposes to make a limit on the number of simultaneously valid contracts – 1 loan to maturity. Also, as part of the reform, they want to introduce a cooling–off period between receiving a new loan - at least 3 calendar days. It is also planned to reduce the level of maximum overpayment from 130 to 100% of the body of the debt.
According to the press service of the Bank of Russia, today one of the main problems of the sphere is low confidence in microfinance. This is also faced by companies that finance, for example, entrepreneurs or provide installments. And they not only do not create risks, but also stimulate the supply of services and goods.
"The main changes will affect the market of the most expensive consumer loans," the Central Bank said.
Today, the regulator explains, a large volume of such consumer loans is provided at the highest possible interest rate, regardless of the "quality of the borrower." A third of them are reissued, and unpaid interest is transferred to the body of the new loan. Thus, Russians find themselves in a debt spiral.
The Central Bank proposes to make a limit on the number of simultaneously valid contracts – 1 loan to maturity. Also, as part of the reform, they want to introduce a cooling–off period between receiving a new loan - at least 3 calendar days. It is also planned to reduce the level of maximum overpayment from 130 to 100% of the body of the debt.
21.08.2024
