Finance Ministry, cbank mull limits to issuance of retail loans

MOSCOW, Dec 4 (PRIME) -- The Finance Ministry and the central bank are discussing restrictions on retail loans that may be introduced after assessing the effect of introduction of a debt burden indicator, Deputy Minister Alexei Moiseyev told PRIME on Wednesday.

“We have started discussing quantity restrictions on the overall credit issuance with the central bank. We think that now that we have a debt burden indicator, we need to appraise the results after introduction of the indicator, and then we will see,” he said.

Starting from October 1, Russian banks and microfinance organizations must calculate a maximum debt burden of individuals when providing loans to them. The debt burden indicator for loans worth 10,000 rubles and more is calculated as a ratio of monthly payments on loans to the monthly income of the borrower.

Moiseyev also said that a stock exchange for listing shares of sanctioned Russian companies will not be launched in December.

“We are unlikely to do it in December. Maybe in January. We cannot announce the exact date, there are some things yet to be finished,” he said.

In October, Moiseyev said that Russia would create a special floor to trade securities of companies under sanctions on the basis of a private exchange, whose main shareholders will be state-owned banks Promsvyazbank and Russian National Commercial Bank (RNCB) operating in Crimea.

(64.1401 rubles – U.S. $1)

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