New record: Russians could not pay off 5.4 million microloans

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New record: Russians could not pay off 5.4 million microloans
31 March , 10:39Economy
The number of microloans overdue for more than 90 days in Russia at the end of February rose to 5.4 million, which was the maximum figure, according to the Equifax credit bureau.

In February, the number of overdue loans increased by 1.8% compared to January, RIA Novosti cites bureau statistics. Their share of all microloans issued in the country, on the contrary, turned out to be lower by 0.3 percentage points. - 40.6%.

In February, the volume of so-called “bad” microloans increased to a record 59.6 billion rubles. The growth was 2.2%. Last month, the share of overdue microloans increased by 0.5% to 34.7%.

The number of loans issued during February was reduced by 7.3% - to 1.8 million loans. The average size of a microloan amounted to 13,107 rubles, which is 0.4% less than in January. The amount of loans issued last month decreased by 7.6% and amounted to 23.8 billion rubles. This is the lowest result since last September.

The total debt of Russians to MFOs today amounts to 171.8 billion rubles. This is 0.7% more than in January.

Note that the Central Bank announced the need to toughen the working conditions of microfinance organizations. The Central Bank intends to oblige these offices to post publicly information about their financial activities.

As for consumer loans overdue by more than 90 days, their share also increased - to 23.5% at the end of January 2021, compared to 17.8% in the same month last year. The total volume of bad loans issued by banks last year rose to 4.093 trillion rubles - by 572 billion rubles.

The Central Bank previously warned Russian credit institutions that about 20-30% of loans restructured last year could become problematic for banks in 2021.

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