New regulations to be introduced for financial sector in 2020

New regulations to be introduced for financial sector in 2020

access_time2019-10-17 13:04:19

Starting February 1, 2020, new regulations will be introduced for commercial banks, MFOs and other lending organizations, which were adopted  by the National Bank on October 11.

In particular,  the norm restricts chances to  pledge real estate as collateral to secure  a loan.

The regulation was planned to enter into force on July 1, 2019, but the National Bank decided to postpone it.

Starting February 1, 2020, lending  organizations will be prohibited from  issuing loans secured by real estate; commercial banks will also be prohibited from issuing mortgage loans to MFIs, online lending  and other financial organizations.


The decision was made by the National Bank back on May 20, 2019, but it will enter into force on February 1, 2020. The regulations are aimed at preventing growing cases of the loss of real estate pledged as collateral.

 


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