Russia has sharply reduced the number of microloans issued

the Number of issued microloans in Russia fell in April this year, 35.1% from the previous month, follows from the review of the National Bureau of credit histories (NBCH).

“In April 2020 were issued 1.02 million microcredit or loans to paycheck (up to 30 thousand rubles), which is 35.1% less than was issued in March (1.56 million units)”, — noted in the study.

the marketing Director of nbki Alexey Volkov stresses that this “serious decline” and “recovery of the microcredit market will take some time.”

“In many respects it will depend on how quickly all sectors of the economy will be able to return to normal operation after the cancellation of the most stringent quarantine measures”, — the expert believes.

Recall that in late April it became known that the number of overdue more than 90 days of the individual debts to microfinance institutions (MFIs) reached 4.4 million of loans at the end of March this year, which is 47% higher than for the same period last year. The share of overdue debt for the period increased by 5.2 percentage points to 38.5% indicated the credit history Bureau “Equifax”.

the volume of overdue debts grew by 48.6% to 50.1 billion rubles.

As suggested by the Director — head of Bank ratings Agency NKR Mikhail Doronkin, “the dynamics of overdue debt in 1st quarter still does not consider the effect of the pandemic and the regime of isolation”.

let’s Add 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 a multiKo packages of measures to support the economy and citizens.

21 April the Russian government announced that the value adopted by the Cabinet of Ministers of measures to support the economy already amounted to 2.1 trillion rubles. Prior to that, head of the Ministry of Finance of the Russian Federation Anton Siluanov said that the budget measures for combating coronavirus and its implications in Russia is about 2.8% of GDP. In General, the total volume of fiscal support to individuals and business of all sectors in the context of pandemic coronavirus, the Ministry of Finance was estimated at 6.5% of GDP.

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.

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