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.
