Financial Markets Supervisory Authority passes decision on responsible lending

Financial Markets Supervisory Authority passes decision on responsible lending
# 05 May 2016 11:22 (UTC +04:00)

According to the Authority, the decision envisages conditions for granting loans in foreign and national currency and new prudential framework about them.

The decision dated April 4, 2016 on banning consumer lending in foreign currency to those who don’t receive revenues in foreign currency and have not deposits in a bank is valid. Moreover, granting loans in foreign currency to purchase real estate is banned.

At the same time, the decision allows restructuring the existing loans in foreign currency by healthy lending conditions.

Along with this, consumer loans in the national currency will be granted on the basis of limitation of increase of debt loads of the borrowers.

The decision will enter into force on May 6, 2016.

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THE OPERATION IS BEING PERFORMED