In June, Sberbank more than doubled the issuance of consumer loans – up to 144 billion rubles compared to 67 billion rubles in May, the bank’s press service reported.

In June, the credit organization predicted that it would double the issuance of consumer loans and loans for refinancing compared to the May figure.

„Favorable economic conditions and a reduction in the key rate of the Central Bank allowed us to significantly improve lending conditions, which had a positive impact on the volume of issuance. In July, we expect this trend to continue and, even taking into account the natural decrease in demand in the summer season, we expect further growth by 20% compared to June,” Sergey Shirokov, director of the Borrow and Save division of Sberbank, commented through the press service.

On July 10, the Bank of Russia lowered its key rate by 150 basis points (bp) to 9.5% per annum. This decision was preceded by three rate cuts of 300 bp each. (May 26 – up to 11%, April 29 – up to 14%, April 8 – up to 17%). The Bank of Russia sharply raised the rate – from 9.5% to 20% – on February 28 in response to the growth of devaluation and inflation risks. In March, he kept it at the level of 20%.

The next meeting of the Board of Directors of the Central Bank on the key rate will be held on July 22.