Central Bank: households' debt in Russia nearing historical peak

Central Bank: households' debt in Russia nearing historical peak

Russia's household debt reached 9.9%, which is close to its 2014 peak of 10.4%, Russian central bank's Financial stability department chief Yelizaveta Danilova said.

"Non-secured lending has been growing fast in the last few years, annual growth rates reached 23.7% as of March 1 but we can say that a certain slowdown started last month, the annual rate amounted to 20.3%," the Prime news agency cited her as saying.

"As for unsecured debt, we saw signs of rapid growth last year. This means that the debt burden did not grow for a long time despite rising lending. This is because the rate fell too quickly, while inflation slowed down," Danilova stressed, adding that the trend has stopped now, the rates have stabilized.

"On the contrary, rates for the most massive credit product, the cash credit, the rates grew by nearly 0.4%," the financial stability department chief noted.

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