The Bank of Russia will study the issue of reducing the maximum daily rate in the microfinance market, which currently stands at 0.8%. Prime writes about this with reference to Ilya Kochetkov, director of the non-bank lending department.
Author:
https://rb.ru/author/ntihonov/
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“We are probably also willing to reduce the maximum daily rate <...>. Changing the interest rate does not have such a strong impact on the business of microfinance organizations,” he told reporters after a meeting of the working group of the Financial Market Committee of the State Duma.
According to Kochetkov, the MFO business is most affected by overpayments: companies earn more from this than from interest.
The maximum rate on microcredits was reduced last summer to 0.8% daily, or 292% annually. The maximum amount of debt for loans for a period of up to 12 months, taking into account fines, penalties and other charges, was also reduced from 150% to 130% of the loan amount.
In May 2024, Russian microfinance organizations provided loans in the amount of 81.4 billion rubles and signed 6.34 million contracts. This is a record volume of loans in a year and a half. In January-June 2024, Russians requested 30,000 rubles from microfinance organizations. Compared to last year, the amount increased by 55%.
Author:
Nikolai Tikhonov
Source: RB
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