Russian Central Bank predicts slowdown of 10% in consumer lending in 2015

The market is in a recession.

The Russian Central Bank predicts slowdown of 10% in consumer lending by the end of 2015, the Russian Central Bank Director of the Financial Stability Sergey Moiseev said Tuesday.

"Now the market is in a recession. By the end of 2015 we expect consumer lending to decrease by 10%, followed by recovery in mid-2016," he said.

Moiseev also noted that the POS-lending in Russia has essentially "died". "But mortgage is doing better than expected," he added.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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