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Russian Banks Will be Obliged to Decrease Credit Interest Rate

Central Bank will handle this question.

02.Jun.15 12:13 PM
By Abigail Richards


Russian Banks Will be Obliged to Decrease Credit Interest Rate
Russian banks will be obliged to decrease credit interest rates. It is known that main financial regulator is going to order Russian banks stop increasing interest rate for short-term credits. Such official statement was made by Deputy Head of Central Bank Sergey Shetsov.

According to his statement banks will be prohibited increasing total credit cost up to 50%-70%.At the same time particular citizens who do not have debts won’t have to overpay for clients who are not able to pay off their debts on time. In other words Central Bank is aimed on preventing any kinds of overpay for Russian citizens.

The official statistics provided by Central Bank shows that Russians have enormous debts for banks by May 2015.  The total cost of all debts is about $250 billion. Such measures will make it possible for Central Bank to regulate activities of lenders and prevent increasing credit interest rates. On the other hand it will be possible to deal with citizens who are not eager paying off the debt and want to take new credits instead.

Analytics and experts say that if everything runs smoothly, Central Bank will be able to create conditions under which Russian citizens may have more favorable rates to apply for new credit.

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