OREANDA-NEWS By March 1, 2024, the total cost of cash loans in Russia reached a level of 31.4 percent per annum and set a long-term record. The sharp increase in the costs of citizens to repay loans is reported by the Kommersant newspaper, citing statistical data from analysts at the BCI Scoring Bureau.

It is clarified that the indicator reached by the beginning of spring exceeded the value of March 2022, when the total cost of loans in Russia was 30.7 percent per annum, and the key rate of the Central Bank (CB) was at the level of 20 percent. Experts added that the current CPM index has become the highest since the fourth quarter of 2014.

By UCS is meant the totality of all expenses of citizens for receiving and servicing borrowed funds. In addition to the loan rate, it also includes associated expenses, including mandatory insurance, account maintenance fees or credit card issuance fees.

At the end of December, the Izvestia newspaper, citing statistical data from Central Bank analysts, reported that by the end of January-October 2023, the total volume of loans from Russians reached the level of 34.8 trillion rubles. During this period of time, it has grown by 6 trillion. As a result, the level of creditworthiness of Russians turned out to be a record since at least 2015.