Real credit growth
CREDIT_REAL_YOY · Credit
Year-on-year growth of the rouble loan book less consumer price inflation. Negative means credit is growing more slowly than prices.
Latest value
4.14% y/y
Period August 2026 · Published Sep 15, 2026, 05:49 PM MSK
How to read it
Answers whether credit is outgrowing prices. A negative reading means the loan book is contracting in real terms even while it grows in roubles, which is what happened through 2025.
How it is measured
Nominal year-on-year growth of the rouble book less CPI year on year. Real rather than nominal: nominal growth has not been below 5.6 per cent since 2019, which would make weak lending unreachable. A difference of rates rather than a ratio of deflated stocks - an approximation, exact only for small rates.
History
| Date | Value | |
|---|---|---|
| August 2026 | 4.14% y/y | |
| July 2026 | 3.55% y/y | |
| June 2026 | 3.22% y/y | |
| May 2026 | 3.63% y/y | |
| April 2026 | 2.97% y/y | |
| March 2026 | 3.05% y/y | |
| February 2026 | 3.14% y/y | |
| January 2026 | 2.48% y/y | |
| December 2025 | 1.94% y/y | |
| November 2025 | -0.78% y/y | |
| October 2025 | -2.09% y/y | |
| September 2025 | -1.79% y/y |