Nabiullina: Peak of restructuring requests was in Q1, requests now declining

MOSCOW. Oct 30 (Interfax) - The peak of enterprise requests for loan restructuring occurred in Q1, and now requests are declining, Central Bank of Russia Governor Elvira Nabiullina said at the State Duma.

"The peak of such restructurings, requests for restructuring, was in the first quarter. That was actually when we probably had the tightest monetary conditions. Now they are declining, and we see that requests for restructuring are also declining," Nabiullina said.

The Central Bank maintained the key rate at 21% per annum for four consecutive meetings until June, after raising it on October 25 last year by 200 basis points (bps) from 19%. At the meeting on June 6, the rate was lowered by 100 bps to 20%. Subsequently, following the meeting on July 25, the rate was lowered by another 200 bps to 18% per annum. At the meeting on September 12, the rate was lowered by 100 bps to 17%. Following the meeting on October 24, the Central Bank decided to lower the rate by 50 bps to 16.5% per annum.