The debt burden of the population in the first half of the year increased to 10.2%

AK&M 25 November 2021 19:06

The debt burden of the population at the macro level in the first half of 2021 increased to 10.2% of disposable income. This was stated by the first deputy chairman of the Bank of Russia Ksenia Yudaeva at a press conference, according to a transcript posted on the website of the Central Bank.

The growth of unsecured consumer lending, according to her, is not supported by the expansion of the banking sector's customer base, but occurs due to an increase in loan amounts, which creates systemic risks.

The first deputy chairman of the Central Bank recalled that the Bank of Russia has already raised from July 1 and October 1 macroprudential requirements for banks' capital on consumer loans. The higher the debt burden of the borrower, the higher the capital requirements of banks.

In addition, from February 1, 2022, the procedure for calculating the debt burden indicator for long-term consumer loans (more than 4 years) will change. The adopted bill, which grants the Bank of Russia the authority to establish macroprudential limits on the issuance of risky consumer loans, will make it possible to influence the situation with the creditworthiness of citizens even more effectively in the future.