Belarusians Set a Record for Bank Loans

This is happening against the backdrop of falling incomes and rising prices.

Belarusians set a record for bank loans

This is happening against the backdrop of falling incomes and rising prices.

The debt of individuals on loans as of September 1 amounted to 16.42.7 million rubles, according to the National Bank. The total amount includes consumer loans, loans for real estate and cars, as well as installment cards. At the same time, consumer loan debt began to grow for the first time since September last year. Debts on real estate loans also continue to increase. The growth of the population's debt burden is taking place against the background of falling real wages, pensions, and incomes of the population, which are declining due to accelerated inflation, reports zerkalo.io.

Compared to the beginning of this year, the total amount of debt on loans to individuals increased by 340.2 million rubles. In July, this figure increased by 145.9 million rubles.

At the same time, debts on consumer loans began to grow again. This has happened for the first time since September 2020. As of September 1 of this year, this figure was 5 billion 249.4 million rubles. This amount is 40.1 million more than a month earlier. For example, in July, this figure fell by 31.8 million rubles. Recall that, last fall, banks tightened the conditions for issuing loans due to a lack of liquidity, which is why the total debt of individuals for consumer loans began to decline.

The volume of real estate loans continues to grow. The indebtedness of individuals on this type of lending as of September 1 amounted to 10 billion 712 million rubles. Compared to the previous month, the amount increased by 107 million rubles. Banks last fall also limited lending to real estate but began to resume this lending at the beginning of this year. Throughout 2020 and this year, the debts of Belarusians to banks for real estate are growing.

Let us remind you that the real disposable incomes of Belarusians, which are calculated after deducting taxes and adjusted for inflation, slowed down the growth. In January-July, this indicator showed the minimum growth since the end of 2017. Real pensions, which are calculated after adjusting for price increases, have meanwhile fallen for seven months in a row. In August, the average wage also fell, as well as the wages of state employees.

Let us remind you that the annual inflation was 9.8% in August.