Belarus Introduces A New Currency Restriction

Only Lukashenko's signature remains.

"Council of the Republic" October 7 approved a bill that intends to limit loans between individuals in foreign currency. The exception - close relatives. The bill should be sent to Alexander Lukashenko for consideration.

The bill wants to limit loans between individuals in foreign currency. The exception - close relatives. Also, the authorities intend to prohibit loans to the population on the security of the only residential house, apartment. Another possible innovation - to introduce restrictions on penalties and interest for the use of money on loan (we are talking about loan agreements between individuals).

The officials also want to prohibit individual entrepreneurs and legal entities that are not engaged in microfinance activities, to issue loans to individuals. They intend to make an exception for loans that employers give to their employees.

The authorities also intend to introduce a ban on the use of the words "loan", "micro-loan", "microfinance", "microfinancing", "money in debt" or derivatives of these words in the advertising of advertisers who are not microfinance organizations, including in their names, - reported in the "Council of the Republic".

"Adoption of the norms established by the bill will contribute to strengthening the fight against unscrupulous lenders, protection of the rights and property interests of citizens, as well as reduce the number of appeals containing complaints about poor-quality services," the "council of the republic" added.

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