The Central Bank has tightened restrictions for banks on issuing loans to debt-ridden Russians
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The Central Bank of Russia announced tightening restrictions for banks on issuing loans to citizens with a high debt load. Relevant solution adopted by the Board of Directors of the Central Bank.
“The Bank of Russia has established new macroprudential limits on unsecured loans and borrowings for the first quarter of 2024. The decision was made in order to limit the debt burden of citizens, primarily those who already have a high debt load,” the regulator said in a statement.
From January 1, 2024, the Board of Directors of the Central Bank will introduce strict restrictions on issuing loans to borrowers with a debt burden ratio (DLI) above 50%, but less than 80%. Now the share of newly granted loans to borrowers with a maximum debt load (MDL) of more than 50%, but less than 80% should not exceed 30%. In the first quarter of 2024, the Central Bank proposes to reduce it – that is, the maximum share of funds issued by such borrowers should not exceed 25%.
On November 8, the Central Bank reported that the total volume of loans issued to Russians and businesses increased by 19% over the nine months of 2023 and for the first time reached 101.2 trillion rubles. The bulk of the debt falls on business – 70.5 trillion rubles. In turn, loans to the population amounted to 30.7 trillion rubles. More than half of this amount comes from mortgages—RUB 17.1 trillion. The Central Bank is especially concerned about the situation in the mortgage market: as of October 1, 2023, the growth in mortgages over 12 months exceeded 32%. At the same time, nominal per capita income of the population increased by 8.2% year-on-year in the second quarter of 2023.
Read more in the article “Kommersant” “Borrowers have limited funds”.
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