The Bank of Russia has proposed introducing a new category of consumer loans for citizens whose financial situation is “worse than average.” This is specified statement “Perspective Guidelines for the Improvement of Banking Regulation and Supervision”.
“Introduce a new category of consumer loans for high-risk borrowers who are in worse-than-average financial condition but still allow them to rely on regular debt payments,” the regulator’s proposal says.
The Central Bank announced that such a measure would positively affect competition and would attract citizens who had previously had to apply to microfinance institutions or gray lenders with even higher rates. It is stated that this will reduce their costs by enabling them to get loans from banks.
Alexei Zabotkin, Deputy Governor of the Central Bank of Russia believesThat the Russian economy could return to last year’s level in 2025. He noted that such a period was given because Russia would have to adapt structurally. The cyclical downturn the country experienced two years ago would have taken less time.