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Consumer lending acceleration raises concerns — presidential aide

The outlook on growth of mortgage lending in Russia for this year has been upgraded from 13-17% to 17-21%

MOSCOW, August 14. /TASS/. Credit activity has been accelerating, while consumer lending acceleration particularly raises concerns, Presidential Aide Maxim Oreshkin said in an op-ed article for TASS.

"If you look at the structure of the money supply formation, corporate and consumer lending played the key role in speeding up the demand. For example, corporate lending ensured the formation of 9.5 trillion rubles worth of additional demand in the economy, while consumer lending added 3.3 trillion rubles. Credit activity has been accelerating in recent months. The acceleration of consumer lending particularly raises concerns," he said.

According to the Russian Central Bank’s mid-term forecast released earlier, the outlook on growth of corporate lending for 2023 has been upgraded from 9-13% to 12-16%, while the outlook on retail lending growth - from 11-15% to 15-19%. The outlook on growth of mortgage lending in Russia for this year has been upgraded from 13-17% to 17-21%.