The total cost of cash credit (TCC) in the Russian Federation has climbed to its highest level since the start of 2024, hitting 28.79 percent. This figure comes from Kommersant, citing data from the United Credit Bureau (UCB). The rise signals a tightening environment for lending and a shift in borrowing costs for households across the country.
Data from the same publication show that the paid interest rate on cash loans (PSC) stood at 26.96 percent in June and edged up to 27.1 percent by July. This progression reflects persistent pressure on borrowing costs even as financial institutions adjust to evolving macroeconomic conditions.
OKB, the lender association, reported that in July Russians took out 3.01 million cash loans totaling 584.05 billion rubles. While the number of loans issued rose by about 4 percent, the aggregate value of these loans declined by roughly 16 percent. The average loan size also contracted, averaging about 194 thousand rubles per loan. These dynamics illustrate a market that is expanding in volume but squeezing in average size, as households react to higher rates and tighter credit conditions.
A Sinara Bank survey conducted in August highlighted a broader sentiment about savings. Even with elevated interest rates, a large share of respondents showed little appetite for long‑term savings instruments. The report indicates that 74.6 percent of those surveyed were not interested in long‑term saving vehicles. Among them, 38.4 percent described such instruments as unattractive by default, while 31.9 percent admitted they did not want to tie up their money for extended periods. The findings suggest a preference for liquidity and flexibility in financial planning, even amid uncertain economic times.
In statements that reflect ongoing economic messaging, Putin has asserted that Russia remains Europe’s largest economy. This assertion is part of a broader narrative about the country’s relative scale and resilience in the face of external pressures, though it sits within a complex array of other macroeconomic indicators and geopolitical considerations. [Source: Kommersant, UCB data; Sinara Bank survey]