Bank of Russia’s decisions on macroprudential policy

1. The Bank of Russia has tightened macroprudential limits (MPLs)¹ for unsecured² consumer loans (microloans) without a credit limit, as well as for home equity and auto equity loans for 2026 Q4. The MPLs for unsecured consumer loans (microloans) with a credit limit have been kept unchanged. The macroprudential add-ons have not been revised.

In 2026 Q2, the portfolio of unsecured consumer loans gained 2.8%, primarily driven by growth in cash loan disbursements, including due to the release of pent-up demand for credit amid declining interest rates in the economy. The proportion of non-performing³ loans remains stable, accounting for 13.2% of the portfolio as of 1 July 2026 vs 13.1% as of 1 April 2026.

The leading indicators of consumer loan performance have improved. The share of loans overdue for more than 30 days after three months on book equalled 0.7% for cash loans issued in April 2026 and 2.4% for credit cards (-0.9 pp in both lending segments as compared to April 2025 disbursements). However, there are still risks of deteriorating loan performance in case of slower growth in borrowers’ real incomes.

To curb the accumulation of risks in consumer lending, MPLs have been tightened with respect to high-risk unsecured consumer loans (microloans) issued to borrowers with high DSTI⁴ and for a long term.

To curtail regulatory arbitrage, the MPLs for home equity and auto equity loans have also been tightened and brought in line with the MPLs for unsecured consumer loans.

For the same purposes, the MPLs for microloans issued by MFOs have also been tightened and brought in line with the MPLs for unsecured consumer loans.

The macroprudential add-ons for unsecured consumer loans (microloans) have not been revised. As of 1 July 2026, the macroprudential buffer accounted for 7.8%⁵ of the portfolio net of loss provisions. The buffer may be released in case of growth in losses on loans and if banks need support.

2. The Bank of Russia has kept the MPLs for mortgage loans to purchase finished housing and housing under construction in apartment buildings, as well as for single-family home mortgages,⁶ unchanged for 2026 Q4. The macroprudential add-ons for mortgages to purchase housing in apartment buildings have not been revised.

In 2026 Q2, the portfolio of mortgage loans to purchase housing in apartment buildings increased by 2.2% QoQ, including due to elevated demand in June 2026 in anticipation of changes in the Family Mortgage programme terms. The portfolio of single-family home mortgages gained 3.2% QoQ. The performance of mortgages for the purchase of housing in apartment buildings remains at a high level, with the share of loans overdue for more than 30 days after nine months on book equalling 0.6% of October 2025 disbursements (-0.5 pp as compared to loans issued in October 2024).

The proportion of high-risk loans in total mortgage disbursements is modest. Specifically, in 2026 Q2, mortgage loans issued to borrowers with DSTI above 80% made up 4% of total new loans (vs 6% in 2025 Q2), while those with a down payment of not more than 20% of the housing price accounted for 1% (vs 5% in 2025 Q2).

The segment of single-family home mortgages is also recording an improvement in the structure of disbursements. In 2026 Q2, the proportion of loans issued to borrowers with DSTI above 50% was 37% (vs 49% a year before), while that of loans issued to borrowers with DSTI above 80% equalled 7% (vs 15% in 2025 Q2).

Considering the improving lending standards in the mortgage segment, the Bank of Russia has decided to keep the relevant MPLs unchanged for 2026 Q4. The macroprudential add-ons for mortgages to purchase housing in apartment buildings have not been revised either. As of 1 July 2026, the macroprudential capital buffer for such loans amounted to 1.4% of the portfolio net of loss provisions, which is sufficient for banks to cover losses in case of stress.

3. The Bank of Russia has tightened the MPLs⁷ for car loans⁸ for 2026 Q4 and has not revised the add-ons for auto equity loans.

The growth rate of the car loan portfolio has been gradually stabilising. In 2026 Q2, the portfolio expanded by 1.7% QoQ (vs +1.6% in 2026 Q1). The proportion of non-performing loans has also stabilised at 4.5% of the portfolio as of 1 July 2026. The macroprudential capital buffer accumulated as of the same date amounted to 2.5% of the car loan portfolio net of loss provisions.

To limit possible growth in households’ indebtedness, MPLs have been tightened for car loans issued to borrowers with DSTI above 50%, including the nested sublimits (limits set on an ‘inclusion’ basis) for loans issued to borrowers with DSTI above 80%. This tightening will not reduce the availability of car loans, as the share of these loans in total disbursements is lower than the established MPLs.

4. The Bank of Russia has not revised the risk-weight add-on applicable to the increase in credit claims on highly-leveraged large companies.

Since 1 March 2026, the 100% macroprudential add-on for the increase in banks’ credit claims on highly-leveraged large companies has been in force. Over March–May 2026, the largest groups of highly-leveraged companies⁹ were building up their debts to banks at a slower pace than the corporate sector as a whole (+2.1% and +3.8%, respectively). As of 1 July 2026, banks had a macroprudential capital buffer of ₽74 billion for the increase in credit claims.

In the future, the Bank of Russia might continue raising the add-on if banks’ risks related to claims on such companies rise.

5. The macroprudential add-ons for corporate credit claims in foreign currency have not been revised.

Over 2026 Q2, the share of foreign currency in the portfolio of corporate loans and bonds, adjusted for foreign currency revaluation,¹⁰ contracted by 0.8 pp to 11.8%.¹¹ Currently, there is no need to encourage banks to decrease the proportion of foreign currency in their credit portfolios, as foreign currency loans are primarily taken out by exporters, which have enough foreign currency earnings to repay their debts.

6. The Bank of Russia has not revised the national countercyclical buffer, effective from 1 July 2025, equalling 0.5 pp to banks’ capital adequacy ratios.

Despite an acceleration in lending growth in certain segments, there are no signs of credit overheating in the economy. As estimated by the Bank of Russia, the banking sector’s capital buffer is sufficient to maintain sustainable financing of the economy in 2026–2028, considering the earlier decisions on macroprudential instruments and a scheduled rise in microprudential add-ons to capital adequacy ratios.¹² Banks continue to gradually restore the level of their capital adequacy ratios. As of 1 July 2026, the capital adequacy ratio for the banking sector as a whole equalled 14.1%¹³ (vs 13.2% as of 1 January 2026 and 12.5% as of 1 January 2025). In view of the above, the national countercyclical buffer has not been revised.

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27.07.2026 11.50.00