Prime Minister Marcel Ciolacu welcomed on Thursday the promulgation of a law capping markups on basic food products and Parliament adopting a cap on the interest rates charged by non-banking financial institutions (NBFIs), saying that wherever price gauging occurs, the government steps in to regulate.

„I am glad that yesterday an extension through the end of the year of capping markups on basic foods was approved, and Parliament voted to cap those greedy interest rates on loans, such as the 20,000% charged for so long by non-banking financial institutions,” Ciolacu said at the beginning of a government meeting.

He added that intervention is made where price gauging occurs.

„In fact, wherever we see price gauging and excesses affecting the living standards of Romanians, we intervene and regulate,” said Ciolacu.

On March 26, the Chamber of Deputies adopted a consumer protection bill capping the actual interest rates charged by non-banking financial institutions and capping the receivables requested by collectors.

On March 27, President Klaus Iohannis signed a decree for the promulgation of the law approving Government Emergency Ordinance 5/2024 amending and supplementing Government Emergency Ordinance 67/2023 establishing a temporary measure to combat the excessive increase in prices of some agricultural and food products, as well as amending and supplementing other pieces of legislation. The law provides for the extension of the deadline for applying capping markups on basic foods throughout December 31, 2024.

AGERPRES