Retail Lending in January-April 2021: Growth of Debt Burden Indicator

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Сandidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The growth rate of lending to individuals increased significantly in 2021 contributing to the expansion of consumer demand. Certain concern is caused by the growth of lending that is largely due to loans to high-debt borrowers. In this regard, the Bank of Russia decided to return macroprudential premiums on unsecured loans to the level preceding the pandemic.

Key words: Russian banking sector, retail lending, debt burden indicator, macroprudential markups, Bank of Russia.

JEL-codes: D81, E58, G21.