EconomyBanks in Russia increased corporate loans in October

Banks in Russia increased corporate loans in October

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Bank of Russia building. archive photo

Central Bank: Banks in Russia increased corporate loans by 2.4 percent in October

MOSCOW, November 21 – RIA Novosti. Corporate loans in Russia are growing actively for the third month in a row, in October the growth was 2.4%, lending to the population slowed down, increased by 1% compared to this month, following the supplies of the Bank Russia.

“Corporate loans grew significantly by 1.3 trillion rubles (+2.4%). This high pace has been maintained for the third consecutive month (+2.5% in September, +2.4% in August) and It has been maintained since the beginning of the year.” The increase reached 5.4 trillion rubles (+10.7%), which is almost equal to the whole of 2021 (+5.5 trillion rubles, +11.7%).

At the same time, lending to the population slowed in October, growth was 1%, while in September it increased by 1.6%, following the regulator’s materials. The Central Bank said that unsecured consumer loans have slowed markedly towards an increase of 0.3% (according to preliminary data) after a 0.9% increase in September.

“Most likely, the slowdown was due to reduced demand from the population, which delayed large purchases in the face of increasing uncertainty, tightening of banks’ credit policy, including an increase in the cost of loans (according to surveys by credit institutions, rates on new loans increased by 2 percentage points),” he said.

Source: Ria

Emma
Emma
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.

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