the Debt load of Russians on April 1 of the current year reached a historic high of 10.9% of revenues, says the Central Bank in the financial stability review.
“the debt burden of households (defined as the amount of required loan payments as a percentage of disposable income) 1 April 2020 reached 10.9 per cent — the maximum value for all the observations, and unsecured consumer loans it corresponds to the value of 2014”, — underlined in the document.
At the same time, the Bank of Russia explains that the increase in leverage was primarily due to unsecured lending and created a potential risk of deterioration in the quality of the portfolio of loans granted to individuals.
At the same time, assures us in the Preface, the first Deputy Chairman of the Central Bank Ksenia Yudaeva, “Russia’s financial sector and banking system are in a healthy enough condition to handle these shocks now, and to support lending to the economy, when it enters the recovery phase”.
“Temporary regulatory relief and reduced macro-prudential surcharges will allow the banks to gradually adapt to the situation and to maintain financial stability. It is very important that banks and other financial institutions used the relief to stabilize its financial position and lending to the economy, not for payment of dividends to the owners and bonuses to the management”, says the first Deputy Chairman of the Central Bank.
Recall that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia approved carriedhow many packages of measures to support the economy and citizens.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.
on 27 may, the Minister of economic development (MED) of the Russian Federation Maxim Reshetnikov said that the total cost of anti-crisis measures to support the Russian economy, aimed at combating the impact of the pandemic coronavirus has reached 3.3 trillion rubles.
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