The State Committee for National Security of Kyrgyzstan (SCNS) held a large-scale campaign to reduce interest rates of microcredit, microfinance organizations and pawnshops. The press center of the SCNS reported.
A sustainable scheme for obtaining excess profits by a group of individual affiliated legal entities has been revealed. Due to the so-called scoring, real loan interest rates reached 300 per annum.
«A representative of these affiliated companies admitted that this scheme makes it possible to obtain excess profits at the expense of borrowers. At least 90 million soms were contributed to the state budget as compensation,» the state committee noted.
At the initiative of the State Committee for National Security, the Service for Regulation and Supervision over the Financial Market undertook to include a number of additional changes to the bill on Amendments to Certain Legislative Acts in the Sphere of Pawnshop Activities.
An interdepartmental working group has also been created from among representatives of the office of the Parliament, the National Bank, the Association of Banks and the State Committee for National Security to consider the bill on Amendments to the Law on Restriction of Usurious Activities.
