World Economy

10% Slowdown

10% Slowdown10% Slowdown

The Russian Central Bank predicts slowdown of 10% in consumer lending by the end of 2015, the Russian Central Bank Director of the Financial Stability Sergey Moiseev said Tuesday, Tass reported. “Now the market is in a recession. By the end of 2015 we expect consumer lending to decrease by 10%, followed by recovery in mid-2016,” he said. Moiseev also noted that the point-of-sale lending in Russia has essentially “died”. “But mortgage is doing better than expected,” he added. Meanwhile, Standard & Poor’s lowered the long-term national and foreign currency credit rating of the Russian Standard Bank to ‘CCC-’ from ‘B-’ with the negative outlook, the international rating agency said on Monday.