overcome, including a large volume uae telegram data of foreign currency loans. Before 2014, some people took out foreign currency mortgages, and the risks were realized very painfully for them, so there are no more foreign currency mortgages. We actively used our measures to reduce foreign currency lending to businesses, especially companies that do not have foreign currency revenue. Foreign currency debts are risks for the entrepreneurs themselves, for banks, and for our financial system as a whole. We live and work in Russia, we use rubles, and lending should also be mostly in rubles. Currently, foreign currency loans account for only 12% of company loans.
Right now, the risks associated with Russia
going through a temporary period of high rates are relevant. Banks have issued many loans to businesses at floating rates, so we are closely monitoring the financial position of companies. You can read more about these and other vulnerabilities in our semi-annual financial stability reviews.
— Nevertheless, in the West they often say that Russia’s financial system has turned out to be unexpectedly strong and stable. What other measures is the Central Bank preparing?
Overall, we approached 2022 better prepared:
The process of financial recovery of banks was completed, the weakest of them left the market. Plus, we very quickly rolled back the regulatory relaxations that were introduced in connection with the coronavirus pandemic. At the request of the Central Bank, banks began builds credibility in the industry to accumulate capital buffers already in 2021, and they became good support during the 2022 crisis. As lending recovered, banks began to accumulate this “safety alb directory cushion” again, and by the beginning of 2025 the buffer reached 1.2 trillion rubles.
