MOSCOW, Oct 2 (PRIME) -- Russia’s mortgage lending increased more than 13% on the year as of the beginning of September, and provision of other types of loans grew by about 4%, Central Bank’s First Deputy Chairwoman Ksenia Yudayeva said on Monday at a meeting of the Federation Council, the parliament’s upper house.
“The economy has started to restore, as well as lending. The annual increase of mortgage lending exceeded 13% as of the beginning of September. The annual increase in provision of the majority of other types of loans by banks with valid licenses amounts to about 4%,” she said.
Interest rates on long-term deposits decrease faster than the key rate of the central bank. The key rate contracted by 1.5 percentage points from September 1, 2016 through September 1, 2017, but rates of loans to non-financial companies, including small businesses, fell by 2.6 percentage points on average in the period, she said.
“So, we may say that a new credit cycle has begun. The gradual softening of the monetary policy and a switch to a neutral policy will support restoration of economy under these conditions,” she said.
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