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Russian banks have limited the issuance of credit cards

Russian banks have limited the issuance of credit cards
Photo: pixabay.com

Large Russian banks sharply reduced credit card issuance and reduced available limits. Experts attribute this to the measures of the Central Bank, which is trying to curb the growth of borrowing of the population.

As the RBC, in January 2020, banks reduced the issuance of credit cards by 21,7% compared to the same period last year. Their number does not exceed 540,2 thousand pieces. The total limit decreased by 22,7% - to 22,8 billion rubles.

From October 1, 2019, banks were obliged to calculate the debt burden of borrowers and take it into account when reserving assets. The higher the client’s rate, the greater the burden on the lender’s capital. It is this innovation, according to experts, that influenced the cooling of the consumer lending segment.

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