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date, hitting a record high since 2014. Retail lending expanded 1.9% in October, with mortgage lending remaining the key contributor.
Corporates’ funds showed no growth in October, owing to major tax payments, among other things. Increasingly popular alternative investment instruments and other factors sent household funds down 0.8% (excluding escrow accounts, which gained 156 billion rubles in October). Meanwhile, growth was reported in funds attracted by the Federal Treasury and the Bank of Russia.
The Central Bank of the Russian Federation revised its forecast for 2020 retail lending growth to between 13% and 16% and for corporate lending growth to between 8% and 11% from its previous estimates of between 6% and 9% for both segments.
The central bank also expects that retail lending will grow by 12% to 16% in 2021 and by 10% to 14% in 2022 and 2023. Corporate lending, on the other hand, is expected to increase roughly by 6% to 10% per year between 2021 and 2023.
Total lending in Russia will grow by between 9% and 12% in 2020 and by 7% to 11% annually between 2021 and 2023, according to the central bank's most recent estimations.
In 2019, retail lending went up in Russia by 19% year over year, while corporate loans increased by 7.1%, with the total value of issued loans growing by 10.1% year over year, according to the Russian central bank data.
72 RUSSIA Country Report December 2020 www.intellinews.com
