The average rate on consumer loans exceeded 20% for the first time since the beginning of the year
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The average rate on consumer loans in large Russian banks in the week from 17 to 24 August rose by 1.1 percentage points to 20.94%. This is reported RBC with reference to the data of the Finuslugi platform of the Moscow Exchange.
Rates have risen to this level for the first time in 2023. The last time they exceeded 20% was in December 2022. This year, rates have not fallen below 19%.
Banks began to raise interest rates on consumer loans after the board of directors of the Central Bank (CB) at an extraordinary meeting on August 15 raised the key rate immediately by 3.5 percentage points, up to 12%. The regulator assured that the decision was made in order to limit the risks for price stability.
About the consequences of this decision – in the material “Kommersant” “Rural mortgage was crushed by the rate”.
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