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19 April 2023, 12:41

Amended Banking Code expected to improve legal protection of Belarusian citizens

MINSK, 19 April (BelTA) – Amendments to the Banking Code will increase the level of legal protection of citizens, Chairman of the Board of the National Bank Pavel Kallaur said as he spoke at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 19 April, BelTA has learned.

"In 2022, the National Bank finalized the bill to amend the Banking Code. Implementing the legislative initiatives of a macroeconomic nature suggested in the bill will create legal mechanisms for ensuring financial stability, will expand the opportunities for comprehensive and effective counteraction to systemic risks, increase the flexibility and adaptability of monetary policy to various external factors and make the general economic policy more consistent. The bill suggests eliminating excessive financial burden on borrowers, ensuring the protection of the rights and interests of consumers of banking services, and improving banking supervision," Pavel Kallaur said.

On 15 March 2023, the bill passed the first reading in the House of Representatives of the National Assembly. "I believe that given the current social, economic and foreign political conditions, it is very important to adopt this law as soon as possible. Its practical implementation will promote the country's sustainable social and economic development and increase the level of legal protection of citizens," Pavel Kallaur added.

Work also continues on the bill "On consumer credit (micro-loan)". "We are set to comprehensively define approaches to the procedure and terms for the provision of consumer loans and micro-loans to individuals. The innovations envisaged in the bill in terms of regulation of consumer lending will expand its accessibility and will increase the level of protection of the rights and legitimate interests of citizens," Pavel Kallaur emphasized.

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