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Central Bank: Lending activities' quick growth may result in mass default

A Central Bank official says companies and people took a lot of credits, so landing activities' growth may lead to defaults

MOSCOW, June 20. /TASS/. Quick growth of lending activities may result in mass defaults instead of economic growth in Russia, representative of the Central Bank Alexander Morozov said on Monday at the official channel of the Bank of Russia on YouTube.

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"I regret saying the credit burden level is already fairly high in our economy. Both companies and population took quite a lot of credits. Therefore skyrocketing growth of lending activities in such situation will entail mass defaults instead of economic growth," the expert said.

The regulator helps economic growth by lowering inflation, Morozov said.

"The Central bank influences on all interest rates in the economy through its interest rate, the key rate, and on inflation through interest rates. Therefore the Central Bank can manage inflation," he said.

Low inflation is more predictable and this results in reduction of interest rates, Morozov added.

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