OREANDA-NEWS. The National Bank of Belarus (NBB) plans to raise regulatory capital requirements for banks offering credits at interest rates, which exceed the NBB refinancing rate (23.5% per annum) by 2.5-3 times, NBB Vice CEO Sergey Dubkov told a press conference on Wednesday.

“The resolution has been adopted. It will become effective on January 1, 2014,” Dubkov said. “It would be wrong to let banks grow their credit portfolio at interest rates like that,” Dubkov said.

As previously reported with reference to NBB chief Nadezhda Yermakova, Belarus' central bank plans to impose restrictions on retail express credit programmes of Belarusian banks starting January 1, 2014. Yermakova mentioned express credit programmes of certain Belarusian banks, which make it quick and easy for customers to draw credits, but charge extremely high interests - up to 130% per annum.