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Unsecured lending growing above forecast in early 2024

Steady growth of unsecured consumer lending mirrors high consumer activity, the Bank of Russia noted

MOSCOW, April 1. /TASS/. Unsecured consumer lending in early 2024 was growing above the forecast of the Bank of Russia and became a significant surprise for participants in discussions, the executive summary on the key rate discussion indicates.

"Unsecured consumer lending continued growing at a high pace (above the forecast of the Bank of Russia), which became a meaningful surprise for discussion participants. They noted that further growth of incomes and consumer sentiments makes it possible for households to build up loans, despite the increase in interest rates," the regulator said.

Steady growth of unsecured consumer lending mirrors high consumer activity, the Bank of Russia noted.

Consumer lending gained 15.7% and reached 13.6 trillion rubles ($148.1 bln) as of 2023 year-end, the Central Bank informed earlier.