The Verkhovna Rada of Ukraine adopted the Law "On Amendments to certain Legislative Acts of Ukraine (re Prohibition for Banks to alter the Terms of Deposit or Credit Agreements Unilaterally)"

12 December 2008, 13:18

Pursuant to the Law, "the rate of interest payable and the procedure of its payment due to the agreement are defined by the bank and stated in the agreement depending on the credit risk, guarantee provided, demand and supply at the credit market, credit period, discount rate and other factors. Banks can not unilaterally alter the rate of interest payable established by the agreement".

 

A relevant Bill was registered at The Verkhovna Rada of Ukraine (Reg. No.3343).