MOSCOW, October 27 The Central Bank does not share concerns that a banking crisis is possible in Russia, Central Bank Governor Elvira Nabiullina said at a press conference.
“We have no such fears; we cannot talk about the collapse of the credit market. Lending, although it is slowing down, is growing at a high rate,” Nabiullina answered the question of whether there are any concerns about the “collapse” of the credit market.
She noted that the danger of a collapse of the credit market may arise not because of rising rates, but due to rising inflation, when banks are not ready to issue loans for long periods. “Our policy is precisely aimed at preventing high inflation, and this will increase the availability of long-term loans,” said the head of the Central Bank.
Nabiullina said that corporate loans are growing by level of 20% in annual terms, even a little more. Unsecured consumer lending is growing at a rate of 15%, and mortgage growth is about 30%. The Central Bank's policy is aimed at ensuring that lending rates are balanced.
«The forecast for loan growth for next year is positive. We expect loan growth of 5-10%. Banks, of course, will be able to adapt to current conditions, and this is already happening. And they have sufficient capital reserves to increase capital. The quality of loans remains good,» added Nabiullina.