Interest rates on loans to microfinance organizations is much more than the banks, and reach 600 percent and higher, said Valentina Matvienko. Therefore, in her opinion, more regulation of their activities is extremely important.
MOSCOW, 2 Feb. The Federation Council on 3 February to submit a request to the Central Bank with a proposal to strengthen the regulation of microfinance institutions, said the speaker of the Federation Council Valentina Matvienko in his blog on the website of the upper house on Tuesday.
“I think it is essential to strengthen the regulation of microfinance institutions, interest rates which is significantly more than the banks, and reach 600 percent and higher,” she said.