Page 63 - RusRPTMay19

8.1.2 Loans
Retail lending rose 4.3% in January to March, while corporate lending increased 2.3%.
Central Bank of Russia (CBR) worries about retail lending growth. First deputy of the Bank of Russia (CBR) Ksenia Yudaeva expressed concerns that the excessive debt load of households and companies is hindering the growth of the economy. The risk may be long-term and lead to social problems, she noted. At the end of 2018, Russians owed banks RUB14.9 trillion ($231bn), a 22.4% increase from 2017. March 2019 recorded a 9.9% debt burden, not far from the historic high of 10.4% in 2014. The ratio of non-mortgage debt to
63 RUSSIA Country Report May 2019 www.intellinews.com