In the fourth quarter, the Central Bank of the Russian Federation will introduce quantitative restrictions on the issuance of loans to consumers and borrowers with a high debt burden, the regulator said in a statement.
Author:
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“The Bank of Russia has set macroprudential limits (MPLs) for unsecured loans and borrowings for the fourth quarter of 2024. MLPs are intended to limit lending to borrowers with a high debt burden and artificially extend the term of loans (borrowings),” the publication says.
These measures can reduce citizens’ debt burden. The Central Bank notes that borrowers with a higher debt burden are more likely to default on their loans and their share of the loan portfolio affects the risk of potential bank losses.
In Russia, the majority of unsecured consumer loans still come from borrowers who spend more than half of their income on loan payments. According to current data, such debt is 53%, and at the beginning of 2023 it reached 64%.
The total number of participants in the pilot project on the use of the real digital ruble will increase significantly, the Central Bank of the Russian Federation announced on August 30. Operations with the national digital currency are available to clients of 12 banks.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
