Russia's Central Bank chair: no economic threat from consumer lending rise

Russia's Central Bank chair: no economic threat from consumer lending rise

Fast expansion of consumer lending in Russia are no threat to financial stability, Russia's Central Bank Chairwoman Elvira Nabiullina said.

"Yes, growth dynamics are high, but they are similar to mortgage loans. The share of household debt in the economy stands at only 14%, you should compare it to the debt of households in any other country," she said during the St. Petersburg International Economic Forum.

"I think that it is enough, that’s why it bears no risks for financial stability," the Prime news agency cited Nabiullina as saying.

The regulator has raised ratios against loans with high interest rates three times. Crediting continued growing, but banks created additional buffers of capital.

"We plan to introduce a debt burden ratio in October in order to avoid accumulation of debt burdens on borrowers that are not very reliable, so that the problem of consumer lending growth does not turn into large-scale social problems," the chairwoman added.

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