Page 89 - RusRPTJun21

Russia returned to "dock-like" requirements on macro surcharges, which will come into effect on July 1, and will monitor the development of the situation in this segment.
The Central Bank of Russia (CBR) First Deputy Governor Ksenia Yudaeva said on May 17 that the debt burden of Russian households has reached a historic high, potentially entering bubble territory. [More detail in the banks specific issues section.]
Russians took out an all-time high of RUB2.35mn payday loans in March, according to data compiled by the consumer credit ratings agency Equifax Russia and reported by state media on May 7. In a sign of Russians’ increasing reliance on small lending, Equifax said high-interest microloans increased by 17% since February and by 30% since March 2020. Microfinance companies gave out a total of RUB31bn ($418.5mn), while the average loan size totaled RUB13,100 ($180) for a third consecutive month this March. The surge was also accompanied by a record-setting 5.4mn overdue payday loans. Out of a total RUB172bn ($2.2bn) owed to microfinance organizations, 61bn was in march held by borrowers who are more than 90 days behind on their repayment schedule. Consumer loans also grew by 17% and reached a record total of RUB340.6bn ($4.6bn) in March, Equifax Russia said last week. The average consumer debt per person also set a record of RUB308,000 ($4,100), passing the RUB300,000-ruble mark for the first time along the way.
89 RUSSIA Country Report June 2021 www.intellinews.com