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Bank of Russia sees excesses on market of corporate lending

The Bank of Russia adjusted its macroeconomic forecast at the end of October

MOSCOW, November 1. /TASS/. The Bank of Russia sees excesses on the market of corporate lending, with a significant portion of sectors having turned not very sensitive to the regulator’s rate, Director of the Central Bank’s Financial Stability Department Elizaveta Danilova said.

"A serious slowdown started in retail in July, with monthly growth rates having fallen from 2% to less than 1%, which means that all restricting measures influence the retail sector. That said, we see that corporate lending still grows with annual rate of over 20%, and we see that a serious portion of companies, sectors have turned not very sensitive to our rate. This is why excesses in loans are definitely in place," she said.

The Bank of Russia adjusted its macroeconomic forecast at the end of October. In particular, the regulator upgraded its outlook on growth of consumer and corporate lending for 2024 to 12-15% from 10-15% and to 17-20% from 10-15% expected earlier, respectively.