From July 1, 2023, the marginal daily interest rate on consumer microcredits and loans will drop in Russia

From July 1, 2023, according to the report of the Central Bank of the Russian Federation, submitted to the State Duma on March 29, the maximum daily interest rate on microloans and consumer microloans and loans will be reduced to 0.8% per year, the total cost of these loans will decrease to 292%. In addition, borrowers’ credit burden will also be reduced through loan restructuring.By law, banks are now required to inform customers of the guaranteed minimum rate on deposits, and all material terms of the deposit agreement, including information on income paid, must be presented in tabular form. understandable and practical.In October 2022, the Central Bank of the Russian Federation updated the information standards for the sale of insurance policies to Russian citizens who have consumer or mortgage loans in banks. And from April 2023, the same rules will apply to most other types of voluntary insurance, the Central Bank said in a statement.See also: In Russia, the rules for recalculating general household needs have been revised.