Le Figaro: the debt load of Russians worried about the world Bank

photo: Gennady Cherkasov

The journalist Pierre Avril stresses that the Russians continue to go into debt at a record pace. He cites the example of an ordinary Russian state employees, who earn the banks millions of credits and the credit organisations carry out inspections of such clients only for formality.

In December of 2018, the debt load of Russians was estimated at a record €210 billion, the figure is twice that of 2013. The author also focuses on the institutions issuing microloans to the population. “These institutions are located, for example, at the entrance to the Moscow metro, and the interest rate is 2% per day. Of course, in Europe such proposals to consider, no one will, but in Russia this type of loan is considered attractive,” the article reads.

According to the author, if you add up inflation, the concern of the Central Bank of the Russian Federation becomes clear, begins to occur the financial bubble. Elvira Nabiullina have already noted that the growth of consumer credit market is a positive signal, however, it is important that it is correlated with incomes.

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