Russian Retail Lending Growth to Resume Only After Key Rate Below 10%

According to Alekseev, speaking at the St. Petersburg International Economic Forum (PMEF) and reported by TASS, the return of robust retail credit expansion depends on the Bank of Russia significantly easing monetary policy.

He specifically cited the need for the key rate to fall below 10%, implying that current elevated borrowing costs are suppressing demand for consumer loans. The statement comes as Russia's central bank has maintained a tight stance to combat inflation.