The Central Bank of Russia lifted interest restrictions on consumer loans by the end of the year. appropriate decision accepted regulatory board.
As announced by the Central Bank, there will be no TPS limitation for banks in all consumer loan categories between August 16 and December 31. In addition, restrictions have been lifted for certain types of loans from credit cooperatives and microfinance institutions. Previously, the maximum TIC was set at 292% per year.
At the same time, the TPS restriction will still apply to a number of microfinance companies and pawnshops. It is 292% per year or 1/3 above the average market rate.
According to the Central Bank, this decision will provide lenders more flexibility in setting both loan and deposit and deposit interest rates, increase the effectiveness of the monetary policy transmission mechanism and accelerate the impact of Central Bank decisions. The Bank of Russia will allow the attractiveness of deposit and lending growth rates, as well as faster containment of pro-inflationary risks.
The regulator states that banks’ high-rate lending will be constrained by decisions on macroprudential limits and surcharges. In addition, the legal requirement common to all creditors that the interest rate on a consumer loan (loan) contract cannot exceed 0.8% per day continues to apply.
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