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THE LITERACY TEST WAS PROPOSED TO BE MADE MANDATORY WHEN RECEIVING THE FIRST LOAN

... Duma proposed to make a mandatory financial literacy test for citizens applying for a loan for the first time. The author of the initiative is Alexander Demin, deputy head... ... corresponding proposal was sent by the State Duma deputy to the head of the Central Bank, Elvira Nabiullina. According to Demin, the literacy test should include information... ... taken loans. Also, such an innovation will help reduce the risks of falling into a debt trap.

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