Russians Cut Bank Debt as Lending Slows After Credit Boom
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Diverging Reports Breakdown
Russians Cut Bank Debt as Lending Slows After Credit Boom
Russian households reduced their debt burden in August, with outstanding bank claims on the population down 1.2% year-on-year. Total household debt stood at 39.2 trillion rubles ($460 billion) in August.
Total household debt stood at 39.2 trillion rubles ($460 billion, according to spot foreign exchange market data published by Reuters), up 0.3 trillion rubles on the month but far below the pace of borrowing seen in 2024.
The annual growth rate of household debt fell to its lowest in nine years. Adjusted for inflation of more than 8% over that period, real household indebtedness decreased by nearly 10%, the regulator noted.
Tighter conditions have curbed demand following a credit boom that saw household loans grow 10 trillion rubles, or 37%, between early 2023 and mid-2024.
The cancellation of subsidized mortgages, a record-high key rate of 21% and restrictions on retail lending all slowed growth.