The Central Bank has set restrictions on the issuance of unsecured consumer loans
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Due to the growth in the debt burden of Russian citizens and the risks associated with this, the Central Bank has set limits for banks and microfinance organizations to issue unsecured consumer loans. In the first quarter of 2023, the share of loans provided to borrowers with a debt load of more than 80% will be limited to 25% of total lending.
“Unsecured consumer lending is growing at a consistently high pace (in August-October 2022, the average monthly debt growth was 0.9%) and remains a priority segment for banks due to high margins,” are described in press release The Central Bank circumstances that influenced the decision-making by the board of directors of the regulator.
The text notes that the conditions of “economic restructuring” (the construction by which the Central Bank describes economic changes in Russia since February 24), in which there is an increase in the debt load of citizens, may provoke additional macroeconomic risks against the backdrop of credit trends.
A complete list of the limits introduced by the Central Bank for the first quarter of 2023 is given at website regulator.
As VTB analysts noted, in early November, the demand for retail loans among Russians significantly increased. The indicator grew by 27% compared to the first half of October.
On the growth in demand for retail loans in Russia – in the material “Kommersant FM” “The credit market revived”.
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