31.03.2025, 10:11
The creditworthiness of Russians has dropped to a record
Source: OREANDA-NEWS
OREANDA-NEWS By March 2025, the total volume of loans from Russians decreased at the fastest pace in the last ten years and sank by 390 billion rubles. This is reported by the newspaper Izvestia, citing data from the Central Bank (CB).
Such rapid dynamics in the domestic market has not been recorded since 2015, the regulator said. Moreover, over the past few years, the population's creditworthiness, on the contrary, has shown a noticeable increase. For example, in the middle of 2023, the indicator increased by almost a trillion rubles per month.
The last time Russians' debt levels fell was in April and May 2022, shortly after the outbreak of hostilities in Ukraine. At the end of February, the regulator's management raised the key rate to 20 percent per annum, and in the first half of April lowered it to 17 percent. Such a high level has led to a cooling of demand for loans. However, then the total volume of loans to the population decreased by only 271 billion rubles.
Experts attributed the current rate of decline in creditworthiness primarily to the record high key interest rate. Since October 2024, it has been at 21 percent per annum. The Central Bank called the steady easing of inflationary pressure on the Russian economy the main condition for its reduction.
At the end of February, the head of the regulator, Elvira Nabiullina, announced the first signs of the necessary dynamics. It was about a slowdown in the growth of lending in the corporate and private segments, as well as a gradual decrease in tension in the labor market. However, it is difficult to say how stable these trends will be, Nabiullina explained. Against this background, the regulator did not rule out an increase in the key rate at the next meeting, which will be held on April 25.
Such rapid dynamics in the domestic market has not been recorded since 2015, the regulator said. Moreover, over the past few years, the population's creditworthiness, on the contrary, has shown a noticeable increase. For example, in the middle of 2023, the indicator increased by almost a trillion rubles per month.
The last time Russians' debt levels fell was in April and May 2022, shortly after the outbreak of hostilities in Ukraine. At the end of February, the regulator's management raised the key rate to 20 percent per annum, and in the first half of April lowered it to 17 percent. Such a high level has led to a cooling of demand for loans. However, then the total volume of loans to the population decreased by only 271 billion rubles.
Experts attributed the current rate of decline in creditworthiness primarily to the record high key interest rate. Since October 2024, it has been at 21 percent per annum. The Central Bank called the steady easing of inflationary pressure on the Russian economy the main condition for its reduction.
At the end of February, the head of the regulator, Elvira Nabiullina, announced the first signs of the necessary dynamics. It was about a slowdown in the growth of lending in the corporate and private segments, as well as a gradual decrease in tension in the labor market. However, it is difficult to say how stable these trends will be, Nabiullina explained. Against this background, the regulator did not rule out an increase in the key rate at the next meeting, which will be held on April 25.
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