The Russian Pawnshop Development Association presented a new development strategy. It is designed until 2023. The document implies the abolition of strict requirements of the Central Bank, the elimination of restrictions on labor and the increase in prices for goods that are sold without trade and cost up to 500 thousand rubles, Kommersant reports.

According to the news website, the association also intends to switch to differential regulation in order to criminalize gray players in the market in order to encourage banks to lend to pawnshops.

In addition, it is expected to oblige Russian insurance companies to provide pledge insurance.

According to industry experts, the implementation of the strategy will increase the number of players in the market by 10% to 4,400 players, and the financial portfolio by 20%. Otherwise, the number of pawnshops will continue to decline. By 2014, the number of pawnshops in Russia has decreased by one quarter, and the portfolio by about 20 percent.

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