MOSCOW, November 6. /TASS/. Overall lending growth rates remain high, not going down due to the corporate segment, the Bank of Russia said in the summary of the key rate discussion.

"Overall lending growth rates remain high, not going down due to the corporate segment. As a large portion of loans granted at a rate less sensitive to key rate changes persists in the corporate segment, requirements to the economy in 2024 will grow higher than expected earlier," the regulator said.

Moreover, the participants of the discussion concluded that the lending dynamics confirms insufficient tightness of current monetary conditions for a stable decline in inflation, according to the Central Bank.

The growth of retail lending has slowed down significantly, the document said. An increase in interest rates on loans coupled with the toughening of macroprudential regulation curbed the growth of unsecured consumer lending. "The scale of mortgage loans granted has also contracted seriously in recent months <…>. That said, the rates of auto lending growth remain high," according to the regulator.

The fact that corporate loans are less sensitive to growth of interest rates is still connected with persisting high financial results and companies’ big profit accumulated in several years, business’ price expectations that have risen, as well as largely with the influence of factors separate from the monetary policy, the document said. Meanwhile, in the segment that reacts to the level of rates to a greater extent, the number of loan applications from companies is gradually decreasing, according to the Bank of Russia. The participants noted yet again that the higher the share of loans non-sensitive to key rate hikes is, the higher rates on remaining loans should be to influence overall credit activity.