OREANDA-NEWS. The growth rate of consumer lending in Russia slowed in October to 14.2% from 17.1% in September, in annual terms the growth was 21.6%. This is stated in the review of the Ministry of Economic Development "The picture of lending. October 2019".

"There was a slowdown in consumer lending growth after the Bank of Russia additional restrictive measures came into force on October 1. The annulized growth rate for the month dropped to 14.2% in monthly terms with the exception of seasonality from 17.1% in monthly terms. This led to a slowdown growth compared to the corresponding period of the previous year to 21.6% in annual terms after 22.7% in annual terms", the review said.

The observed dynamics is in line with the expectations of the Ministry of Economic Development. The growth rate of mortgage lending slowed in October in annual terms to 17.1% from 18.1% "contrary to expectations", the review notes. The Central Bank has repeatedly expressed concern about the growth rate of consumer lending and the debt burden of Russians, which are noticeably ahead of the growth of both nominal incomes and wages.