Bolivia promulgates new banking law to curb usury
Bolivia promulgates new banking law to curb usury
English.news.cn 2013-08-22 12:35:57
LA PAZ, Aug. 21 (Xinhua) -- Bolivian President Evo Morales on Wednesday promulgated a new banking law to protect consumers from excessive loan interest rates.
The Financial Services Law, which replaces a previous banking law, allows the government to fix interest rates.
The new law was jointly devised by the banking sector, the legislative assembly and the ministry of economy.
In the past, the banking world was accused of "cheating and usury," and it is important for the government to intervene with a new law to protect the rights of both consumers and financial institutions, said Morales.
More:
http://news.xinhuanet.com/english/world/2013-08/22/c_132653486.htm
= new reply since forum marked as read
