Belarus to Limit Foreign Currency Loans, Boost Ruble Trust
Belarus is set to introduce significant changes to its student loan laws. The 'Council of the Republic' has approved a draft law to limit student loans in foreign currencies, with exceptions for close relatives. This move aims to boost trust in the Belarusian ruble and protect students from financial risks associated with currency fluctuations.
The new measures, announced by Deputy Chairman of the National Bank, Denis Skobyalko, include prohibiting student loans using the collateral of a single residential home or apartment. Additionally, restrictions on penalty charges and interest for using borrowed money in student loan contracts between individuals are planned. These changes are part of a broader effort to maintain the status of the national currency in the business world.
The planned changes restricting student loans in foreign currencies are set to take effect once formally approved by the Council. While a specific date is not mentioned, related EU regulatory changes often become effective the day after their promulgation. Belarusian students will lose the ability to take out student loans in foreign currencies as a result of these changes.
Amendments to the Civil Code and the law on currency regulation and control are planned to implement these changes. The goal is to strengthen the Belarusian ruble's position and reduce financial risks for student borrowers using a currency converter.
Read also:
- HLC Approves ₹4,645.60 Crore for Flood Recovery and Wetland Rejuvenation in Nine States
- Crooked House Pub's Demolition: Council Orders Rebuild, Debate on Historic Building Protections
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Ethiopia's Grand Dam: 15,000 Lives Lost, Water Concerns Unresolved
