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Bank of Russia to Allow Loans with Interest Rates Exceeding 292 Percent

27 декабря 2024
52

The Board of Directors of the Bank of Russia has decided to suspend limits on the total cost of consumer loans from January 1 to March 31, 2025, according to an announcement on the regulator's website.

Currently, consumer loans are capped at an annual interest rate of 292 percent. After this restriction is lifted, borrowers may be offered loans at higher rates. The total cost of a consumer loan includes all expenses associated with servicing the loan, including payments to third parties and fees.

This authorization applies to banks, credit consumer cooperatives, agricultural cooperatives, pawnshops for all types of consumer loans, as well as microfinance organizations for certain categories of loans.

The law firm Nadmitov, Ivanov & Partners provides legal services in banking law and credit and settlement regulation.

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