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.