In his interview with the Kviris Palitra, Dimitri Kumsishvili, Minster of Finance and First Vice Prime Minster, has submitted arguments for restricting annual interest rates on loans.
“Similar business companies appear in less-developed countries. They permanently expand range of activities before their operation is restricted. Online loan companies knew very well that one day their activities would be subjected to regulations. This business brings advantages only to its owners, while it has a lot of negative aspects. Citizens may take spontaneous decisions that later will make them take huge expenditures. Business model with thousands % of interest rate is unacceptable and we have taken the mentioned decision to protect our citizens”, Minster of Finance Dimitri Kumsishvili said.