The Russian banking system went into a phase of the credit cycle, said the Central Bank

© Fotolia / BestForYouРоссийские rubles. Archival photo<img src="/wp-content/uploads/2017/05/bfa4f9bafcc15129b3d92def6c6cb91d.jpg" alt="The Russian banking system went into a phase of the credit cycle, said the Central Bank" />© Fotolia / BestForYou

The banking system of Russia after a phase of stabilization and restoration was passed in 2017, the new phase of the credit cycle, which will last for several years accompanying the growth of the economy, said the Chairman of the Bank of Russia Vasily Pozdyshev in an interview with RIA Novosti.

«It is important to note that the Russian banking system is entering a new phase of the credit cycle. 2017 is the year of the beginning of the credit cycle of the banking sector, which will continue for several years, accompanying economic growth,» he said. «If 2015 was the crisis year of 2016 was the year of stabilization and recovery of the banking system, the 2017 is the year of the beginning of a new credit cycle, which many analysts still don’t see in statistics», — said the Chairman of the Central Bank.

Loans to non-financial organizations for the first four months of 2017 decreased by 1.8% — to 29.59 trillion rubles, loans to individuals showed YTD growth of 1.6% and made up 10.98 trillion rubles loans and other placements with credit institutions showed an increase of 1% to 9.18 trillion rubles, it follows from the last «Review of the banking sector of the Russian Federation» prepared by the regulator.

«The fact that the official banking statistics of the end of last year and beginning of 2017 hides the beginning of the growth of loans to economy for the reason that in spite of our programme devalorization, a significant portion of the loans the economy has previously been issued in foreign currency», — said Pozdyshev.

So, according to the beginning of may, loans to individuals without taking into account the factor of currency revaluation grows for the fourth month in a row. In February, loans to individuals rose 0.2% in March to 0.7% in April — about 1%, so the Central Bank sees that the growth of Bank lending to individuals accelerated, he said.

Moreover, credit growth starts in all three segments of this market — and grow the mortgage, and unsecured consumer loans, and even loans that have long felt the effect of the crisis and had a negative trend, also began to grow, he said. Corporate lending is also beginning to increase, and may is the third month of growth in corporate lending without the factor of currency revaluation, said the Chairman of the Central Bank.