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Survey shows over 70% of Russians don’t trust microfinance market — regulator

The Bank of Russia presented a report for public discussion, in which it proposes to form a new arrangement of the microfinance market, bringing entrepreneurial and targeted financing companies into separate segments

MOSCOW, October 3. /TASS/. More than 70% of Russians do not trust the microfinance market, according to the results of a survey conducted by the Bank of Russia, said Ilya Kochetkov, head of the non-bank lending department of the regulator.

"The Central Bank conducted a survey among citizens - about 4,000 people were interviewed. They were asked to what extent they trust the microfinance market. It was very important for us to understand their general attitude, regardless of whether they had any experience with microfinancing organizations. We have verified that more than 70% do not trust the market," he said at a working meeting in the State Duma.

In this regard, the Bank of Russia presented a report for public discussion, in which it proposes to form a new arrangement of the microfinance market, bringing entrepreneurial and targeted financing companies into separate segments. The regulator also proposes to introduce a cooling-off period between loan registration (at least three calendar days), reduce the level of maximum overpayment on a loan from 130% to 100% of the debt and set a limit on the number of simultaneously active agreements to just one loan until repayment.

According to the Central Bank, these measures will help reduce consumer debt levels while maintaining loan accessibility, eliminate negative market practices, and lower overpayment rates.

Earlier, head of the Bank of Russia Elvira Nabiullina stated that the report is also aimed at ensuring that loan-shark type entities leave the microfinance market.

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