the Share of overdue more than 90 days consumer loans in Russia has increased since the beginning of this year and in may reached 17% (4.5 million loans).
the Share of overdue debt in April was 16.2% (4.4 million loan), in March, 15.7 per cent (4.4 million loans), at the beginning of 2020 and 15.3% (4.3 million loans), reports TASS with reference to the review of the National Association of professional collection agencies (NAPCA) and the Bureau of credit stories (BKI) “Equifax”.
Commenting on the findings, senior analyst at rating Agency the NKR Yegor Lopatin stated that “the pandemic is yet to be fully has no impact on the quality of the retail portfolio, as it expired in may by 90 days or more loans for the most part ceased to be serviced in February, i.e. before the period of the pandemic and the introduction of large-scale restrictive measures.”
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. Wave of devaluation held from 7 to 9 March and 18 March.
Reacting to the situation, the government and the Bank of Russia has prepared a plan of priority measures for the sustainable development of the economy. As explained by Prime Minister Mikhail Mishustin, “it’s kind of the anti-crisis plan, a set of operational activities that are necessary for stable socio-economic development”. “We will focus on supporting industries that were in a difficult situation, but primarily on the support of the people and providing them with goods of first necessity”, — stressed the head of the Cabinet of Ministers.
In particular, it has been announced vacation credit for small and medium businesses and individuals who find themselves in difficult Poloduring the promised financial assistance to affected industries, provided soft loans, including the payment of salaries, reduced employers ‘ social security contributions, given the postponement of rent and tax payments, excluding VAT, imposed a moratorium on bankruptcy.
Later, it was adopted a second package of economic support measures (soft loans for working capital for strategic enterprises, non-repayable financial assistance to small and medium businesses, including on the issue of salaries and financial assistance to regions and airlines).
for its part, the Central Bank has approved measures to support citizens, the economy and the financial sector in a pandemic COVID-19, and then supplemented them with new packages.
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.
2 Jun Mishustin has presented to Putin a national plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will be about 5 trillion rubles.
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