ARTICLE13- The phrase "President"in the first sentence of the first paragraph of Article 144 of the...

ARTICLE13- The phrase "President"in the first sentence of the first paragraph of Article 144 of the Law No. 5411 has been changed to "Central Bank", and"to be provided in the transactions specified in this article " has been changed as "fees,expenses , commissions and" that they will obtain from all their transactions. sentence has been repealed.

ARTICLE 144-The President determines the maximum interest rates to be applied in the lending transactions and deposit acceptance of banks, the rates of participation in profit and loss in participation accounts, the qualities and the maximum amount or rates of other interest to be provided in the transactions specified in this article,including private current accounts partially or fully authorized to release. The President of the Republic can transfer these powers to the Central Bank.

WHAT ARE THE POSITIVE AND NEGATIVE ASPECTS OF THIS NEW REGULATION?

Expert Solution

POSITIVE ASPECTS OF THE NEW REGULATION:

1) As per new regulation the Central bank can now determines the interest rates, lending rate and other rates of banks. Previously it was vested with the president.

2) As per new regulation the maximum amount or rates of other interest, fees, expenses, commissions that banks obtain from all their transactions can be now be determined. Previously these can be provided only to the transactions specified in the article.

3) Revenue of the bank will increase as per new regulation since bank can levy charges on all transactions.

NEGATIVE ASPECTS OF THIS NEW REGULATION

1) The President does not have any control on the Banks on the interest rates, commission and other charges.

2) The transaction cost to the customer will be increased since as per new regulation banks can determine charges for all transactions and more over only specified transactions under the articles could only be charged previously.

ekkarill92 answered 2 years ago

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