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Corporate lending slows down in September — Central Bank Governor

Meanwhile, the regulator said that considering rising rates the growth of lending was expected to be more limited in the remaining months of the year

SOCHI, September 29. /TASS/. The growth of corporate lending slowed down in September, the Russian Central Bank’s Governor Elvira Nabiullina told a forum, adding that the regulator also sees cash returning to banks at more attractive interest.

"We have already seen a certain slowdown of corporate lending in September, still growth but with slightly lower rates. And we already see cash returning to banks at more attractive interest," she said, noting that the banking sector is in good state.

According to data provided by the Bank of Russia, corporate loans in rubles increased by 2.2% in August. Meanwhile, the regulator said that considering rising rates the growth of lending was expected to be more limited in the remaining months of the year.

The Central Bank upgraded its outlook on growth of corporate lending for 2023 to 14-18% and downgraded the outlook on growth rates of persons and legal entities for 2024 to 7-12%.

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Central Bank of Russia

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