Gref acknowledged the negative impact of high interest rates on loans 17:56

In his statement at the conference, Sberbank President German Gref said that loan demand in Russia has dropped significantly due to high interest rates. Interfax.

According to him, the imbalance in rates has a strong negative impact on the granting of loans.

“Maybe we should have started extending loans a little earlier or lowered interest rates earlier. We’ll see how it goes. “This is under the authority of the Central Bank,” Gref said.

The head of Sberbank considers it unlikely that the Central Bank’s interest rate will remain at 16 percent until the end of 2024. According to the bank’s forecast, this rate will drop to 11% by the end of the year.

Gref pointed out that there has been a significant slowdown in inflation recently.

“Overall, we see that we have reached a plateau in inflation. “We do not see any serious factor affecting inflation yet,” he said.

Sberbank expects a slowdown in credit growth in 2024. By the end of the year, the banking sector’s corporate loan portfolio will increase by 12-14 percent, and the individual loan portfolio will increase by 4-6 percent. Sberbank plans to outperform the market in terms of loan growth.

Sberbank increased corporate loans by 25.2% to 23.3 trillion rubles in 2023, and individual loans by 29.3% to 16.1 trillion rubles.

“High loan interest rates greatly reduce demand, we see this clearly,” Gref said.

Previously in the State Duma spoke About the Central Bank’s key interest rate.

Previously “socialbites.ca” saidWhat Russia can expect after maintaining its key interest rate.

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Source: Gazeta

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