On February 3, 2010, the Federation Council of Russia approved the Act forbidding banks to change unilaterally interest rates for credits and deposits, and also the order of their definition, the size of commissions and validity periods of the contracts with individual customers.
Speaking at the Federation Council, Chairman of Federation Council’s Committee on Financial markets and Currency Circulation, Dmitry Ananiev said, that respective amendments are made in the Act “On banks and banking activity”.
According to the senator, today, when economic situation is far to be stable, unilateral increasing of interest rates by credit organizations puts individual borrows, the weakest party of the loan contract, on the spot.
RIA Novosti
