Bank of Russia approves roadmap to develop macroprudential instruments in 2023–2024
The document sets out key activities to develop the macroprudential instruments and improve the calculation of the debt service-to-income ratio (DSTI).
For instance, it is planned to prepare a uniform regulation setting DSTI calculation requirements for credit institutions and microfinance organisations (MFOs).1
In addition, the regulator intends to oblige banks and MFOs to provide credit history bureaus (CHBs) with information on the DSTI ranges of borrowers and methods for determining their incomes with an effect from 1 April 2024. CHBs will make this information available both to borrowers and potential lenders (subject to borrowers’ consent).
By the above date, lenders are supposed to have switched to using data from the qualified CHBs only in their calculations of borrowers’ average monthly payments to compute the DSTI ratio.
In 2024, it is also planned to draft a law whereby information on purchases in instalments should be reported to the CHBs.