Growth rate in consumer lending in Russia accelerates in Nov against Oct according to current data - Central Bank dept. head
MOSCOW. Nov 23 (Interfax) - The growth rate in consumer lending in Russia in November, according to preliminary data, accelerated compared to October, Elizaveta Danilova, director of the financial stability department of the Central Bank of Russia (CBR), said at a conference organized by the Association of Banks of Russia.
"We monitor the most up-to-date statistics, and we see in November - on this date, on the latest - that the rate is higher than in October. We could say that the previous dynamics that we already had in the third quarter are recovering, and we could say that lending is growing again," Danilova said at the conference.
Growth in consumer lending slowed to 0.3% in October from 0.9% in September. The CBR previously explained that the dynamics were because of a decrease in demand on the part of households that had postponed large purchases in the conditions of increased uncertainty, as well as owing to banks having tightened their lending policies.
"The partial mobilization was announced in September, and there were some concerns that this would lead to a lending squeeze, though this did not happen," Danilova stressed, noting that household demand for consumer loans and the level of banks approving applications have remained high.