As reported on the website of the Federation Council, the document was presented by Deputy Chairman of the Federation Council Committee on Budget and Financial Markets Mukharby Ulbashev.
It is noted that "the federal law is aimed at reducing threats to the financial stability of the Russian Federation associated with the growth of the debt burden of individual borrowers."
The press service of the Federation Council explained that the Central Bank "is empowered to establish macroprudential limits for credit and microfinance organizations, their validity period, and for microfinance organizations that carry out professional activities in providing consumer loans, separate economic standards."
Earlier it was reported that the State Duma adopted a law to limit loans issued to citizens.