Credit in Russian economy falls 0.5% in Jan, year-on-year growth unchanged from Dec - CBR

MOSCOW. Feb 19 (Interfax) - Credit in the Russian economy fell 0.5% in January after dropping 0.4% in December while year-on-year growth was unchanged at 9.4%, the Central Bank said in a commentary.

"A seasonal drop in activity was seen in the credit market in January 2026," it said.

Corporate credit dynamics were again weak in January with claims against organizations down 0.9% following a drop of 0.6% in December.

Corporate lending fell 0.7% in January after falling 0.2% in December as companies stepped up loan repayments following receipt of funds to pay for government orders.

"Investments by banks in the debt instruments of non-financial institutions increased slightly. Claims against financial institutions decreased in January, due to loans and borrowings as well as investments in debt securities," the Central Bank said.

Year-on-year growth for claims against organizations fell 0.5 percentage points to 11.4% in January.

Retail lending growth was again driven by mortgages amid demand for loans before the terms of the concessional family mortgage program are tightened.

"At the same time, the drop in the non-mortgage loan portfolio has slowed, resulting in claims against households rising 0.8% in the month after 0.4% growth in December, and year-on-year growth accelerating to 4.1% from 2.8%," the regulator said.

Funds in retail current accounts fell in January as usual, with some redistribution in favor of short-term and medium-term deposits, the CBR said.