According to materials from Russia, the growth rate of retail loans will decrease by the end of 2023 and until next year financial regulator.
The documents state that “according to the forecast of the Central Bank of Russia, the growth rate of retail loans will decrease by the end of 2023 and until 2024.”
According to the Central Bank, the reason for the slowdown is the tightening financial and credit conditions and the increasing tendency of Russians to save their savings.
The Central Bank of Russia said, “There is no reason to expect an increase in risk appetite in the banking sector in response to the slowdown in individual loan growth.”
The publication notes that growth in corporate loans will begin to slow down next year, given a possible increase in the key interest rate.
Before that the Central Bank was recorded Increased desire of Russians to save money. Russians’ propensity to save rose in October to its highest level since March, according to the financial regulator.
Central Bank Governor Elvira Nabiullina in September statedThe national financial regulator has concerns about the quality of consumer loans granted.
Formerly Central Bank reportedHow many Russians received loans in the last six months?