Sberbank recorded a decrease in demand for loans due to high rates
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Chairman of the Board of Sberbank (MOEX: SBER) German Gref said that due to high rates in Russia, the demand for loans has significantly decreased. At the same time, he indicated that Sberbank considers it unrealistic to maintain the Bank of Russia key rate at 16% until the end of 2024. According to Mr. Gref, taking into account the regulator’s latest rhetoric, rate cuts may begin at least in the second half of the year.
“The imbalance in rates is very large, this of course greatly depresses lending, the demand for loans has decreased significantly and therefore it might be worth looking at starting to promote lending a little earlier and lowering rates earlier. We’ll see how it goes. This is the competence of the Central Bank,” German Gref said at a conference call.
Mr. Gref also noted that recently the inflation rate has decreased significantly. “If we talk about annual rates, then based on the results of February we see a reduction to 5.5%. The Central Bank has a slightly different methodology, their results are a little higher, but in general we see that we are reaching a plateau with inflation, we also do not see or observe very large pro-inflationary factors,” he added.
February 16 Bank of Russia saved key rate at 16%. Following the meeting, the regulator indicated that the return of inflation to the target and its further stabilization at 4% implies a long period of tight monetary conditions. Prior to this, the rate was raised five times in a row – by only 850 basis points.
Read more about the situation in the credit market in the Kommersant article. “Small business took a lot”.
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