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Russia: Are Corporate Loans Declining?

Corporate Loans in Russia May Be Down by (at least) 1.7% YoY
After Accounting For Official Inflation Data

The president of the Bank of Russia Elvira Nabiullina stated that Russian corporate loans have increased by 9.9% year to date (until October). Deducting official inflation for the period, which we estimate at around 11.6% in absence of October data, Russian corporate loans are probably down by (at least) 1.7% in real terms.