Cbank eyes growth of lending in all sectors of Russian economy

MOSCOW, May 26 (PRIME) -- Lending in all sectors of the Russian economy will start to grow very soon, the central bank’s Chairwoman Elvira Nabiullina said on Friday at a meeting of association of regional banks Rossiya.

“The lending has started to grow. We hope that April will become the game-changing month. The growth of provision of credits to the economy stood at 1.2% in the month. And we expect this to be only the beginning of the upward credit cycle,” she said.

The lending grows faster or slower within an economy sector in line with dynamics of the sector, and the fastest dynamics were seen in the agriculture, transport, and power sectors, while the most difficult situation is in the construction sector. Small and medium-sized businesses also experienced a decrease in lending, but it had started to rise gradually, she said.

“We expect that positive trends in the banking sector improve, and hope to see the growth of lending in a large amount of economy sectors soon. This will support the rise of our economy,” she added.

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