MOSCOW – Russia’s central bank is suggesting that pawnshops are taking advantage of the credit crunch in boosting their lending by 18 per cent.
The bank said in its annual report last week that pawnshops proved to be the only source of credit for many individuals and small companies last year as rates on some bank loans reached 25 per cent a month. Pawnshops charge about 15 per cent a month. – Business Report
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