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THE CENTRAL BANK PROPOSED TO CHANGE THE STRUCTURE OF THE MICROFINANCE MARKET

... 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 ...

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