Claims on households, including mortgage loans in rubles and foreign currency growth as % of previous year Forecast from CBR 2028

Bank of Russia’s medium-term forecast following the Bank of Russia Board of Directors’ key rate meeting on 24 July 2026. Key forecast parameters of the Bank of Russia’s baseline scenario. Banking system claims on organisations and households means all of the banking system’s claims on non-financial and financial institutions and households in rubles, foreign currency and precious metals, including loans issued (including overdue loans), overdue interest on loans, credit institutions’ investment in debt and equity securities and promissory notes, as well as other forms of equity interest in non-financial and financial institutions, and other accounts receivable from settlement operations involving non-financial and financial institutions and households. Claims’ growth rates are given with the exclusion of foreign currency revaluation. In order to exclude the effect of foreign currency revaluation the growth of claims in foreign currency and precious metals is converted to rubles using the period average USDRUB exchange rate. Mortgage loans net of claims acquired by banks.