Updated «Banking Code» comes into force in Belarus

In Belarus, the updated «Banking Code» came into force. Now financial institutions cannot unilaterally adjust the interest rate on deposits and loans for the consumer’s worse. Change is possible only by agreement of the two parties. Early repayment of consumer loans will be held without charging penalties. The changes also affected additional services. Information on the terms of lending became free, as well as opening a bank account for crediting loans, and reviewing a loan application.