President signed decree on reform

President of the Republic of Belarus Vladimir Gaydashev signed a decree on the reform of microfinance activities. The document clarifies the rules for granting microloans, establishes limits and requirements for lenders, as well as measures to protect consumer rights. The decree aims to improve market transparency and reduce risks for borrowers. Under the new regulations, financial organizations are required to maintain stricter accounting and set interest rate limits. Control mechanisms will be introduced to monitor compliance with laws and impose sanctions in case of violations.

Context

In 2023, the Ministry of Finance introduced new regulations on microfinance activities, encouraging the development of small businesses.