Nabiullina: Block microfinance would be short-sighted – Rosbalt.RU

 A ban on the activities of microfinance institutions (MFIs) have been short-sighted in Russia. The head of the Central Bank of the Russian Federation Elvira Nabiullina in the State Duma.

 “I would like to stress once again: to prohibit microfinance would be short-sighted. Demand for short loans to pay is, and if there is no regulated business, people will go to illegal lenders, “- she said,” Interfax »

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 Nabiullina recalled that the Central Bank has taken a number of measures to increase the protection of citizens, imposed restrictions on the accrual of interest and other payments at the rate of four times the amount of a microloan. Nabiullina also confirmed the readiness of the controller to continue to tighten the restriction to two times the value.

 Earlier the head of the main market for microfinance management and financial inclusion methodology of the Bank of Russia Mikhail Mamut said that the Bank of Russia does not rule out the introduction of criminal penalties for the organization of the “gray” microfinance institutions (MFIs).

 “Yes, there is a certain parallel program, which is implemented, and the Ministry of Finance supports it, – he said. – This is a multiple increase penalties, and secondly, when the increase in fines is not enough, we consider reasonable criminalize the organizers, but not both, and can be consistent. We have no problem to punish all the forces. More correctly, the participant understands the illegal market such opposition, it is simply part of the registry, it is an official organization, in compliance with all rules, or stops working. It’s his choice ».

 As noted, currently the Central Bank and the General Prosecutor’s Office are working on an agreement for a joint struggle with the “gray” creditors. It is, according to a Bank of Russia, is still under development and discussion.

 Mamut Previously reported that the Central Bank is preparing amendments to the Civil Code, limiting the shadow of microfinance market in attracting public funds under the loan agreements.