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Center calls for the inclusion of borrowers in the Consumer Protection Law
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Economy News - Baghdad
The Director of the Market Research and Consumer Protection Center, Mahmoud Abdullah Jassem, called on Sunday for the implementation of the Consumer Protection Law, and its expansion to include the financial consumer.
Jassim saw, "The need for the borrower to define the final interest amount, which protects him from repaying 75 million, and he is a borrower for (50) million dinars, for example, and he had asked about the amount of interest and was informed that it is 4 percent and he did not know that it is cumulative for each year."
He pointed out that "this would deter citizens from borrowing, but if there is a law that protects the financial consumer, he will be familiar with all these details."
And he indicated the importance of activating the Consumer Protection Law, and that the Consumer Protection Council monitors its implementation mechanisms because of its importance in controlling the market rhythm and setting prices in accordance with this law.
He added that this law protects citizens from "cases of fraud and manipulation" of prices and the spread of counterfeit products that are sold at many times their real prices, according to the official news agency.
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Added 02/10/2022 - 8:17 PM
Update 10/03/2022 - 1:07 PM
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Economy News - Baghdad
The Director of the Market Research and Consumer Protection Center, Mahmoud Abdullah Jassem, called on Sunday for the implementation of the Consumer Protection Law, and its expansion to include the financial consumer.
Jassim saw, "The need for the borrower to define the final interest amount, which protects him from repaying 75 million, and he is a borrower for (50) million dinars, for example, and he had asked about the amount of interest and was informed that it is 4 percent and he did not know that it is cumulative for each year."
He pointed out that "this would deter citizens from borrowing, but if there is a law that protects the financial consumer, he will be familiar with all these details."
And he indicated the importance of activating the Consumer Protection Law, and that the Consumer Protection Council monitors its implementation mechanisms because of its importance in controlling the market rhythm and setting prices in accordance with this law.
He added that this law protects citizens from "cases of fraud and manipulation" of prices and the spread of counterfeit products that are sold at many times their real prices, according to the official news agency.
Hits 161
Added 02/10/2022 - 8:17 PM
Update 10/03/2022 - 1:07 PM
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