Limitations for online and micro-finance loans - President`s administration has remarks

Limitations are imposed on online and micro-finance loans. Despite reservations, President signed the law, which means that the new regulations are already in force. President`s administration were expecting corrections in the law but the central bank has ruled out such a possibility.

Despite the signing of the legislative changes, the Administration of the President has concerns and speaks about the dangers when law goes into effect.

The president of the National Bank could not recall any agreement with the President`s administration on amendments to the law .

The companies believe that some of them will not be able to survive the competition and will be closed.

The changes in legislation regarding Banks, online loans and microfinance companies was implemented due to de-dollarization plan .

The opposition and the government have different expectations form the imposition of additional regulations in the financial market.

After the president signs the bill, it will go into force. According to new regulations, loans up to 100 thousand GEL will be issued only in GEL.