Rus News Journal

The government has protected pawnshops

Officials have not supported the bill about usurious percent

the Government has drawn the negative conclusion on the bill of an interdiction of usurious transactions. The document has been brought in the State Duma in the beginning of September and assumed restriction of rates under consumer credits and loans of the microfinancial organisations (MFO), co-operative societies and pawnshops.

As they say in an official response on the bill About modification of some acts (regarding an interdiction of usurious transactions) restriction of the size of an overall cost of the credit and definition of its maximum size is not market tool. It can lead to competition decrease between the financial organisations and, as consequence, to reduction of number of participants of the market and to decrease in availability of financial services for the population .

As an example the government results the offer of authors of the bill to limit rates for pawnshops under given out loans of 10 % in a month whereas now they offer citizens of the loan at level 13 — 18 % a month. The logic of officials contradicts a policy of the Central Bank who actively opposes recently high rates under credits a little. Yesterday the head of Bank of Russia Sergey Ignatyev has told that bezzalogovoe the crediting, which volumes this year have grown on 60 %, is fraught with problems for banks. He has warned that the regulator prepares some decisions which will limit such crediting.

the Chief executive of the microfinancial company House money Andrey Bahvalov considers that if the maximum profitableness under loans will be limited, the majority of the microfinancial companies will fade into the background. acceptance of two obligatory for all MFO conditions would be more reasonable decision: the first — The notice of the borrower on the interest rate, the second — an interdiction for collection of the additional commissions and penalties — he has noted.