Even as borrowing costs rise, lending to Russians continues to expand across all sectors, with mortgages showing notable growth. After the key rate was lifted to 8.5%, the price of personal loans is still expected to edge upward, according to Anatoly Aksakov, the head of the State Duma Financial Markets Committee, in comments to the Parliamentary Newspaper.
He notes that the upsurge in lending is partly driven by a real estate market that is seeing more homes come onto the market and by a range of favorable mortgage programs that make buying a home more accessible for many families.
He adds that people are also choosing to save by investing in housing, viewing real estate as a hedge against other forms of depreciation, which supports steady demand for loans tied to property purchases.
Despite the broad appetite for debt, Aksakov argues that this trend does not signal an imminent credit bubble. The motive to borrow sits alongside a cautious approach from households who still weigh repayment obligations against potential gains from owning real estate.
Officials at the central bank are monitoring trends closely and have indicated that part of the rate adjustment aims to prevent the formation of a credit bubble. This stance reflects a careful balancing of growth needs with financial stability concerns.
Recent communications from the central bank reiterate expectations about future movements in deposits and loan rates as conditions evolve over the coming months, signaling cautious optimism about the trajectory of consumer credit and savings behavior.
Earlier reports indicated the central bank would refrain from buying foreign currency under the budget rule through the end of the year, a move that aligns with its broader policy framework designed to stabilize the economy and manage risk in the financial system.