After two years of solid profits showcasing Russia’s resilient wartime economy, some of the country’s banks are coming under increased scrutiny over their exposure to bad loans.
Russian executives have been pressuring the central bank and its longtime head Elvira Nabiullina to lower rates, citing the challenges for corporate clients — and to a lesser extent for households — of securing, repaying and refinancing debt at such high interest.
In June, they finally got their wish, with the central bank lowering its benchmark rate from a record 21 per cent to 20 per cent. Last month, it reduced the rate by a further two basis points to 18 per cent.
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