‘The government’s latest decision is not to interfere with interest rates on credit and cash card debts. But it also ordered the banks to stop consigning business solicitation and debt collections to local financing firms, beginning on April 1.
The policy adopted at an inter-department coordination meeting on Tuesday night nixed a plan by the Ministry of Justice (MOJ) to draft new rules to lower ceiling interest rates.
Officials said banks are still free to set interest rates, but they encouraged the banks to set flexible interest rates for different customers based on creditworthiness and financial risk.’
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