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non-financial organisations and financial organisations (except banking system) debt on bank loans and debt securities including accrued interest;
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households and non-profit institutions serving households (NPISHs) debt on bank lending; debt on housing mortgage loans sold by credit institutions to mortgage agents and debt on consumer loans sold by credit institutions to specialized financial companies (including repayment).
Organisations and Households debt
Q2 2026
Last update: 09.10.2026
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Organisations and Households debt |
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The debt of organisations and households increased over Q2 2026 by 6.1 trn rubles (hereinafter – adjusted for foreign currency revaluation) and amounted to 181.8 trn rubles. The share of domestic borrowings remained dominant (95.4%).
As of 01.07.2026 the annual growth rate of debt increased and amounted to 10.9%. The debt-to-GDP ratio remained approximately at the level of the previous quarter – 81.5%.
Tab. 1
|
01.07.2026 trn rubles |
% GDP |
Quarterly changes*, trn rubles |
Growth rates*, % | |||||
| Quarterly | Annual | |||||||
| Q1 2026 | Q2 2026 | 01.04.2026 | 01.07.2026 | 01.04.2026 | 01.07.2026 | |||
|---|---|---|---|---|---|---|---|---|
| Organisations and households debt | 181,8 | 81,5 | 1,1 | 6,1 | 0,6 | 3,4 | 9,3 | 10,9 |
| in rubles | 161,5 |
|
1 | 6,1 | 0,6 | 3,9 | 9,9 | 12,4 |
| in foreign currency | 20,3 |
|
0,1 | 0 | 0,5 | -0,1 | 5,1 | 0,2 |
| Non-financial organisations | 111 | 49,7 | 0,9 | 4,4 | 0,9 | 4,1 | 12,1 | 12,7 |
| Financial organisations** | 26,4 | 11,9 | -0,1 | 0,9 | -0,4 | 3,6 | 6,0 | 11,1 |
| Households and NPISH | 44,4 | 19,9 | 0,2 | 0,8 | 0,6 | 1,9 | 4,8 | 6,4 |
Organisations and households debt
Fig. 1
** except banking system.
Annual growth rates of organisations and households debt*, %
Fig. 2
* excluding foreign currency revaluation.
** except banking system.
Debt of non-financial organisations amounted to 111 trn rubles as of 01.07.2026, with its growth in Q2 exceeding that in Q1 (4.4 trn rubles against 0.9 trn rubles) and its annual growth rate rising to 12.7%. The bulk of the debt, as before, accounted for loans (93.5 trn rubles, or 84.3%). At the same time, the share of debt securities of non-financial organisations continued to grow and reached in Q2 its maximum level (15.7%) for the period from 2013. The largest contribution to the annual growth rate of debt (5.1 percentage points out of 12.7%) was made by organisations related to OKVED 2 “Manufacturing”.
Debt of financial organisations (hereinafter – except the banking system) in Q2 2026 increased by 0.9 trn rubles to 26.4 trn rubles and was formed to a greater extent debt securities (13.5 trn rubles, or 51% of the total debt of financial organisations). The annual growth rate of debt of financial organisations increased to 11.1%, which is significantly higher than the same indicator in the previous quarter, including faster growth of debt securities. The annual growth rate of ruble loans of financial organisations was lower and amounted to 3.1%. For more details, see Organisations and Households debt.
Household debt increased to 44.4 trn rubles, of which 24.6 trn rubles (or 55.4%) accounted for housing mortgage loans. The annual growth rate of household debt increased to 6.4% (4.8% in Q1 2026). The annual growth rate of household debt on mortgage loans (adjusted for foreign currency revaluation) increased to 10.9% (10.4% for 01.04.2026) For more information on household debt, see Household Savings .
Non-financial organisations debt (by instruments), trn rubles
Fig. 3
Contribution of components to the annual growth rate of debt of non-financial organisations (by type of economic activity), p.p. ***
Fig. 4
* excluding foreign currency revaluation.
*** by OKVED 2 and Statistical Register of Economic Entities of the Russian Federation of the Federal State Statistics Service (Statregister).
Financial organisations debt (by instruments)
Fig. 5
** except banking system.
Structure of household debt*, trn rubles
Fig. 6
Annual growth rates of households debt*, %
Fig. 7
* excluding foreign currency revaluation.
The structure of domestic and external debt of organisations and households
Fig. 8
Methodological notes
Full notes available on the link.
The Bank of Russia publishes “Organisations and households debt” by economic sector, financial instrument and currency (rubles and foreign currency) on quarterly basis.
The debt comprises domestic and external borrowings of the non-financial organisations, financial organisations (except banking system) and households and non-profit institutions serving households (NPISHs).
Domestic borrowings of organisations and households comprise:
External borrowings of organisations and households comprise:
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outstanding amounts on loans to non-residents less outstanding amounts on repos, as well as debt securities of non-financial organisations and financial organisations (except banking system) held in non-residents’ portfolio (including outstanding amounts on promissory notes);
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debt of households and NPISHs comprise their outstanding amounts on loans to non-residents less outstanding amounts on repos.
Excluding the effect of currency revaluation (IVP) as a result of a change in the exchange rate of foreign currency against the ruble allows you to analyze the change in the debt of organisations and households for a certain period as a result of transactions, and not a change in the exchange rate of the currency in which the currency component is expressed.
Department responsible for publication: Statistics Department
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Last updated on: 09.10.2026
** except banking system.