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Consumer lending in Russia down to 1,4% in July — Central Bank

It is noted that the segment of credit cards, where rates were always high and therefore not so sensitive to key rate growth, continues accounting for a significant volume of disbursements

MOSCOW, August 22. /TASS/. Growth of the consumer loans portfolio of Russian banks slowed down to 1.4% in July against 2% in May and June of this year but the pace of consumer lending is still rather high, the Bank of Russia said.

"Consumer lending geared down in July to +1.4 from 2% in May - June. This is associated with the falling demand for loans because they became more expensive and with the volume offer reduction by banks because of toughened macro-prudential regulation since July 1, 2024," the regulator said.

"Nevertheless, the consumer lending growth rate is still rather high. The segment of credit cards, where rates were always high and therefore not so sensitive to key rate growth, continues accounting for a significant volume of disbursements," the Bank of Russia added.