Thursday, April 25 2019 16:09
Naira Badalian

Armenian government, represented by Ministry of Finance, rejected  legislative initiative of  opposition faction

Armenian government, represented by Ministry of Finance, rejected  legislative initiative of  opposition faction

ArmInfo.On April 25, the government of Armenia refused to change the law on consumer lending, referring to the inexpediency of this review.

As Minister of Finance of Armenia Atom Janjughazyan noted, presenting  the legislative initiative of parliamentarians from the Bright  Armenia faction, the draft decision proposes to abandon the lower and  upper threshold for consumer lending - 100 thousand and 10 million  drams, respectively.

According to the chief financier, the regulation in this sphere is  planned to be revised within the framework of another legislative  initiative of the Central Bank of Armenia on amending the law "On  Consumer Lending". According to the minister, the initiative proposes  to remove the provision on the lower threshold of 100 thousand drams  from the law.

As for the upper threshold, then, according to the head of the  Ministry of Finance, the proposed rule is inexpedient, since the  meaning of this restriction is that loans that exceed 10 million  limit, in fact, are not consumer, and basically have a goal not  related to the satisfaction of individual human needs. In addition,  as Janzhugazyan pointed out, it is assumed that a person applying for  a loan in this amount has sufficient knowledge and resources to  assess possible risks.

In this regard, as the Minister noted, the government refrains from  legislative changes at this stage.

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