- non-financial organisations and financial organisations (except banking system) debt on bank loans and debt securities including accrued interest;
- 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
Q4 2025
Last update: 09.04.2026
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Organisations and Households debt |
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As of 01.01.2026, the debt of organisations and households amounted to 174.8 trn rubles, having increased by 15.5 trn rubles by the end of 2025 (hereinafter – with the exception of currency revaluation), against 20.3 trn rubles a year earlier. During the year, the share of domestic borrowings remained high and amounted to 95% in 01.01.2026.
The annual growth rate of debt in Q4 2025 accelerated to 9.4% compared to 9.1% in Q3 2025. The debt-to-GDP ratio remained approximately at the level of the previous quarter – 81.9%.
Tab. 1
|
01.01.2026 trn rubles |
% GDP |
Quarterly changes*, trn rubles |
Growth rates*, % | |||||
| Quarterly | Annual | |||||||
| Q3 2025 | Q4 2025 | 01.10.2025 | 01.01.2026 | 01.10.2025 | 01.01.2026 | |||
|---|---|---|---|---|---|---|---|---|
| Organisations and households debt | 174,8 | 81,9 | 5,2 | 5,6 | 3,2 | 3,3 | 9,1 | 9,4 |
| in rubles | 154,4 |
|
4,5 | 6,2 | 3,1 | 4,2 | 10,6 | 9,9 |
| in foreign currency | 20,4 |
|
0,7 | -0,6 | 3,3 | -2,8 | 0,9 | 6,6 |
| Non-financial organisations | 105,9 | 49,6 | 3,2 | 4,2 | 3,2 | 4,1 | 11,7 | 12,8 |
| Financial organisations** | 25,6 | 12 | 1,4 | 0,4 | 5,8 | 1,6 | 13,4 | 6,0 |
| Households and NPISH | 43,3 | 20,3 | 0,6 | 1 | 1,5 | 2,4 | 0,9 | 3,4 |
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 in 01.01.2026 amounted to 105.9 trn rubles, an increase of 12.6 trn rubles for the year (for 2024 – by 11.7 trn rubles). The bulk of the debt falls on loans (for 01.01.2026 – 90.3 trn rubles, or 85.3%). The share of debt securities of non-financial organisations decreased slightly and amounted to 14.7% (14.9% in Q3 2025). In the structure of economic activities, the largest contribution to the annual growth rate of debt as of January 1, 2026 was made by manufacturing production – 5.8 percentage points out of 12.8%.
Debt of financial organisations (hereinafter – except banking system) for 2025 increased by 1.5 trn rubles, against 4.0 trn rubles a year earlier. For the first time in the entire observation period, it was formed to a greater extent by debt securities debt (by 01.01.2026 – 12.9 trn rubles or 50.3%). Debt on loans to financial institutions amounted to 12.8 trn rubles. The annual growth rate of debt of financial organisations decreased significantly to 6% (13.4% in Q3 2025).
Household debt for 2025 increased by 1.4 trn rubles (for 2024 – by 4.6 trn rubles) and by 01.01.2026 amounted to 43.3 trn rubles, of which 23.8 trn rubles (or 54.9%) accounted for housing mortgage loans. The annual growth rate of household debt growed to 3.4% (0.9% in Q3 2025). The annual growth rate of household debt on mortgage loans (excluding foreign currency revaluation) increased to 9% as of 01.01.2026 compared to 4.9% as of 01.10.2025. For more information on household credit 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
External borrowings of organisations and households comprise:
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.
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:- 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);
- debt of households and NPISHs comprise their outstanding amounts on loans to non-residents less outstanding amounts on repos.
Department responsible for publication: Statistics Department
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Last updated on: 09.04.2026
** except banking system.