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Retail Lending in 2021

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.

Despite the introduction of regulatory restrictions and interest rate hikes in H 2 2021, retail lending remained one of the fastest-growing segments of the banking market throughout previous year and contributed to growth in banking incomes. Amidst increased sanctions pressure, the government and the Central Bank will be forced again, as during the crisis caused by epidemiological reasons, to stimulate banks’ lending activities in order to support households. Should the international situation come back to normal and the economy stabilize, the RF CB may return to measures aimed at cooling the retail lending market.

Key words: Russian banking sector, retail lending, past-due debt, Bank of Russia.

JEL-codes: D81, E58, G21.