Individual Debt to Hit $300Bln by End of 2013

The Moscow Times
Friday 29th November, 2013

Russians will have racked up 10 trillion rubles ($300 billion) in debt by the end of this year, Vedomosti reported Friday, citing the Central Bank. Increasing consumer lending in Russia this year has created concern that the market may be overheating, with officials voicing concerns over possible financial volatility if the trend is not checked. Just under half of the 10 trillion rubles owed to banks is unsecured consumer borrowing, the head of the financial regulator’s bank regulation department Vasily Pozdyshev told the business daily. The amount of retail credit in Russia has increased 2…

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