Russian Central Bank raises forecast for growth in consumer lending to 12%-17% in 2024

MOSCOW. Sept 17 (Interfax) - The Central Bank of Russia has raised its forecast for growth in consumer lending to 12%-17% in 2024, the CBR said in an analytical review on the banking sector.

"The consumer loan portfolio is expected to grow up to 17% in 2024. Tightening macro-prudential regulation in the second quarter of 2024, as well as growth in the debt burden and rates, should offset high consumer activity and growth in household incomes," the CBR said.

The CBR had forecast consumer lending to grow 7%-12% in 2024 in its analytical review published in June.

The regulator's outlook for growth in consumer lending has remained at 4%-9% in 2025.

Consumer loans grew 14% in 2023.

The CBR expects mortgages to rise 7%-12% in 2024 and 8%-13% in 2025. The mortgage portfolio surged 34% in 2023.

Corporate lending should increase 10%-15% in 2024 and 7%-12% in 2025, with the portfolio having risen 20% in 2023.