Russian central bank tries to cut consumer lending
Bank of Russia puts limits on “payday loans” and expresses concern over growth in unsecured loans
The Bank of Russia has imposed a series of new caps on how much lenders can charge retail borrowers, including on “payday loans”, it announced on July 1.
The central bank’s move came as it expressed worries about a recent rise in retail lending.
One of the central bank’s new rules limits how much lenders can charge on consumer loans with a maturity of up to one year. The maximum charge on these loans, including accrued interest, fines and fees, will be twice the amount of the loan principal.
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