Friday, November 15 2019 15:28
Naira Badalian

MPs of ruling "My Step" faction suggest introducing restrictions on  interest on loans

MPs of ruling "My Step" faction suggest introducing restrictions on  interest on loans

ArmInfo. MPs of the ruling  faction "My Step" Varazdat Karapetyan and Artak Manukyan suggest that  the authorities introduce restrictions on interest on loans.

"We suggest that the annual actual interest rate on the loan should  not exceed 26.5%, (taking into account the bank's commission for loan  support services, fees for processing documents, etc.)," wrote  Varazdat Karapetyan on his Facebook page.

As the MP pointed out, they are informed that today credit  organizations issue loans at an interest rate of up to 150%, which  leads to unhealthy consumption, puts people in a hopeless financial  situation. "Financial institutions, taking advantage of the lack of  knowledge of a certain group of citizens, get superprofits," the  rationale for the document says.

If the relevant amendments to the RA Civil Code are approved, the new  regulations will enter into force on February 1, 2020. 

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