Bill to ban private foreign currency loans reaches Russian parliament
MOSCOW, January 28 (RAPSI) – MP Andrei Ozerov (A Just Russia) has submitted a bill to the State Duma to prohibit the issuance of foreign currency loans to private individuals, TASS reported on Wednesday, citing the lower house’s secretariat.
“Considering the current situation in the mortgage loan market, where borrowers cannot honor their commitments due to the ruble weakening, the government is obliged to insure its citizens from future risks in the foreign currency market and to prohibit the issuance of foreign currency loans to private individuals,” an explanatory note to the bill says.
The bill would amend the legislation “to lower the population’s monetary risks in the absence of guaranteed stability of the foreign currency exchange rate” and “to protect its citizens who borrow on the foreign currency loan market from bankruptcy.”
Andrei Ozerov has pointed out that the bill would not include companies or hinder the operation of Russian businesses.