Putin Allows Central Bank to Limit Issuance of Mortgages and Car Loans
23.11.2024 22:30
Next year, the Central Bank of Russia will have additional opportunities.
They concern the issuance of loans for the purchase of housing and cars.
Vladimir Putin approved the Central Bank’s right to establish macroprudential limits (MPL) on loans issued to citizens.
The President signed the corresponding law on Saturday, November 23. The document was published on the official website of legal information.
The regulator will begin applying the MPL to mortgages and car loans from April 1, 2025.
The measure is aimed at reducing the level of indebtedness of Russians and preventing the accumulation of risks for banks and microfinance organizations.
For reference
A car loan is a type of consumer loan for purchasing vehicles.
