The Central Bank lifted the limit on the full cost of consumer loans by the end of the year

The Central Bank has lifted the restriction on the full cost of a loan for all categories of consumer loans and for certain types of loans until the end of 2023. So creditors will more quickly adjust to the key rate, the Central Bank believes.

Restrictions on all categories of consumer loans have been abolished for credit institutions, credit consumer cooperatives, and agricultural credit consumer cooperatives.

For microfinance organizations, restrictions on consumer and POS loans, as well as obligations secured by mortgages, have been lifted. Restrictions on other categories of loans for microcredit organizations, as well as for all categories for pawnshops, remain.

“The duration of the moratorium is determined in such a way as to give market participants enough time to adapt to changing conditions, and also takes into account the lag between the quarter of determining the reference CPS and the quarter of its application, which is two quarters,” the statement said. message Central Bank.

The Central Bank noted that this decision will provide creditors with greater flexibility in adjusting interest rates against the backdrop of an increase in the key rate, as well as increase the efficiency of the monetary policy transmission mechanism, accelerate the impact of the Central Bank’s decisions on the attractiveness of deposits and lending growth rates, and limit proinflationary risks.

Central Bank August 15 at an extraordinary meeting raised the key rate immediately by 3.5 percentage points, up to 12%. According to the regulator, this is enough for inflation to return to 4% in 2024 in the absence of new shocks. Nevertheless, against the backdrop of the decision of the Central Bank, the dollar returned to growth to 99 rubles / $. By estimated Ministry of Economy, annual inflation in the week from 8 to 14 August accelerated to 4.66% from 4.43% a week earlier.

More details – in the material “Kommersant” “The harvest of inflation is coming”.

Olesya Pavlenko