Credits must be received strictly in the currency you earned. For a period of six months or more, it is better to pledge an amount of no more than 20%, no more than 25% of income for loan payments. This opinion was expressed by Andrey Loboda, economist and communications director at BitRiver, in a conversation with socialbites.ca.
“There is no such thing as a miracle; During the 33 years of Russia’s independence, the ruble exchange rate has been depreciating. Therefore, at any stage of the development of credit products, banks that showed record profits at the end of last year are always the biggest winners. It is time to put an end to the colonial mentality. Loans in any currency other than the ruble, especially dollars and euros, are impractical for Russians. “If 2014 taught citizens nothing, let life teach them more (the price of the dollar more than doubled in 2014),” the economist said.
However, he does not believe that in the medium term the population will completely reject foreign currency loans because interest rates are lower than in the ruble.
“If the ruble strengthens and interest rates on loans in Russian currency remain high, taking out loans in dollars and euros will not seem so ridiculous. You should understand that foreign currency loans carry great risks for borrowers in case of a sharp decline in the ruble. However, debtors prefer not to realize this risk. “For this reason, banks will continue to provide loans in foreign currency because there is still demand,” he said.
He admitted that once the ruble becomes completely predictable, Russians will refuse loans in foreign currency.
Based on Central Bank data, Izvestia newspaper reported that on January 12, the volume of foreign currency loans held by Russians reached the historical minimum. By December 1, 2023, the figure dropped to 47.4 billion rubles.
Previously Russian debtors given Five tips for 2024.