MOSCOW, October 28. /TASS/. Russia’s Central Bank registered signs of a slowdown in credit activity in October 2022, including in the context of the tightening in non-price bank lending conditions, according to a press release published by the regulator following the board meeting on Friday.
"Signs emerged in October of a slowdown in credit activity including in the context of the tightening in non-price bank lending conditions, particularly in the retail segment," the Bank of Russia said.
However, overall lending grew at a high pace, the regulator noted. "Lending gained support from both the key rate reduction since spring and government-subsidized lending programs," the press release said.
Russian households maintained a high propensity to save despite elevated inflation expectations and an increased share of the most liquid assets, the Central Bank emphasized. "Despite elevated inflation expectations and an increased share of the most liquid assets (current accounts and cash rubles) in the structure of savings, households maintained a high propensity to save," the regulator said.
The board of directors of the Bank of Russia decided to keep the key rate at 7.5% per annum at its meeting on Friday.