Gov't to Fine an Entity for Issuing Loans up to 100 Thousand in Foreign Currency

access_time2017-10-12 13:17:59

The entity will be fined if  issuing a loan in foreign currency up to GEL 100 thousand,  - the relevant amendment will be made to the code “on Administrative Offenses”.

According to the draft bill, the entity will be warned for the first time in the case of issuing a loan of GEL 100 000 in the foreign currency, while the penalty will amount to GEL 1000 in the case of repeat violation .

"The draft bill aims at  developing  a mechanism that will enable the state to act more efficiently in terms of loan relationship to protect customers’ interests," the explanatory note of the bill reads.

It also states that the regulation will not apply to the financial sector of Georgia as defined by the Organic Law on "National Bank of Georgia", as NBG provides this principle of the draft law in relation with them.

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