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RUSSIA: Retail Lending Growth Slows in July for First Time This Year

RUSSIA
  • Lending and inflation continue to grow in Russia, despite the CBR’s rate hikes, President Putin said yesterday at a meeting on the economy, according to Vedomosti. The President noted that corporate lending was up 20% y/y in June, while consumer loans unsecured by mortgages rose by RUB 3.5trln. He called on the government and central bank to increase coordination.
  • However, recent bank data shows the growth of retail lending in Russia slowed for the first time this year in July, Kommersant report, with the amount of new loans plunging almost 80% in June. The newspaper add that market players say these are the first evident results of the authorities' efforts to cool the retail lending market, which has been fuelling inflation.
  • Later today the Bank of Russia will publish a draft of monetary-policy guidelines for 2025 and 2026-2027. There are no data releases scheduled Tuesday, with retail sales, unemployment rate and industrial production data for July all crossing the wires tomorrow.
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