In Russia, tighter lending criteria have touched agricultural businesses only modestly. The Central Bank of Russia explains that this assessment is based on a survey of participating firms and sheds light on how monetary policy changes are flowing through the real economy. The most recent data indicate that bank review processes have become more selective, but the overall pattern suggests that the sector is not experiencing abrupt credit constriction yet. [Bank of Russia, internal survey data].
From the regulator’s perspective, November brought further tightening of loan access across most industries, with interest rates rising first and foremost. Despite this shift, demand for credit remains robust, driven by expectations of growth in orders from the government and ongoing demand in the broader economy. This juxtaposition — higher borrowing costs alongside persistent appetite for funds — signals a cautious but active landscape for capital spending and working capital needs. [Central Bank of Russia quarterly report].
Furthermore, firms appear less inclined to push up selling prices compared with October, while the largest price increases are still observed in the trading sector. This suggests that price dynamics are cooling in certain segments, even as inflation expectations among businesses stay elevated relative to pre-crisis levels. The trend points to a gradual moderation in pricing power, tempered by lingering price pressure from the prior months. [Market survey notes].
Additionally, the regulator notes that inflation expectations among enterprises have come down from earlier peaks but remain materially higher than the levels seen before the crisis. This persistence indicates that businesses still anticipate tighter input costs or domestic price adjustments in the months ahead, even as the rate of change decelerates. [Inflation outlook bulletin].
The credit landscape was also affected by a mid-November disclosure about support measures for Russians who rely on microcredit institutions. The impact of this step appears to be aimed at addressing short-term liquidity needs while the broader credit channel rebalances to higher funding costs and stricter evaluation criteria. [Regulatory communications].
Across the board, three factors commonly cited as contributors to poorer credit histories include job turnover, irregular income streams, and gaps in repayment records. This reality underscores the ongoing challenges some borrowers face in accessing formal credit channels, even as the overall economy shows signs of resilience and resilience in certain sectors. [Credit bureau findings].