the volume of consumer loans issued in the fourth quarter decreased by 30% – Kommersant
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In the fourth quarter of 2023, the volume of consumer loans issued decreased by 30%, according to a press release from Sberbank (available to Kommersant). According to him, despite the stable level of demand, issuance decreased due to an increase in the key rate by the Central Bank (CB) and its introduction of restrictions on lending to clients with a high debt burden.
As Sberbank clarifies, over 11 months, 6.7 million of its clients received a consumer loan. This is 1.3 million more than in the same period in 2022. Since the beginning of the year, the issuance of consumer loans has reached almost 3 trillion rubles, showing an increase of 62% year on year.
On October 27, the Board of Directors of the Central Bank raised the key rate by 200 basis points, to 15% per annum. Head of the regulator Elvira Nabiullina statedthat he would be willing to cut rates next year when annual inflation approaches the 4% target.
Read about the market situation in the Kommersant publication. “Reverse thrust to consumption”.
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