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Banks will be prohibited from levying additional charges on loans, National Bank head says

By the middle of 2012, banks in Belarus will be prohibited from levying any additional charges on loans, Nadzeya Yermakova, head of the National Bank, said at a news conference held at Rawbichy near Minsk on April 4.

“We lay it down in our instructions that banks will not have the right to impose any commission in addition to the interest rate,” Ms. Yermakova said. “If a bank establishes an interest rate, it should include all the costs the bank incurs so that there will be no commission. I think this rule will be in force by the middle of the year.”

“Commissions will continue to be levied only if loans are issued in cash,” she noted. //BelaPAN