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A normal person usually doesn’t care about the numbers in the regular Central Bank reports. Banking matters are the fate of professional financiers. However, data from the most
Let’s make a reservation right away: do not be surprised by the “relevance” of the latest report of the Central Bank of the Russian Federation. They always ‘process’ data there for a month. So, according to him: as of May 1 (yes, the same “fresh”), the total debt of Russian citizens to credit institutions amounted to 30.22 trillion. ruble. At the end of the first quarter of 2023, the same indicator stood at the level of 27.8 trillion. ruble. And in January it was even less – 26.9 trillion. ruble. To clarify the order of the numbers, Russia’s budget expenditures for the whole of 2023 are planned at a level of less than 30 trillion rubles. ruble.
There are already reports in the press that since the beginning of this year the average level of debt (the proportion of income that someone pays off in loans) has risen from 35 to 41%. Remember how we were all amazed at the all-time record for car loans in April? All media trumpeted the approval of domestic banks for car loans to individuals for 109.5 billion rubles. This also contributed to the process of a sharp increase in Russian debt. Economists say this trend has not subsided, and when the Central Bank releases data for the end of June in August, we will see further growth in both debt and indebtedness.
The situation is increasingly reminiscent of the situation in the US in 2008 on the mortgage market. Loans were then issued to everyone. Then many of them could not pay off the banks. The accumulating “bad debts” eventually undermined the financial stability of credit institutions.
We are rapidly following the same path in Russia: fortunately, banks are extending more and more loans to citizens. At the same time, they do not see a significant increase in real incomes: according to Rosstat, it was only 0.1% per year. Despite the fact that people now buy 3-5% less food than before the NWO, and non-food products 8-10% less. This indicates that we have “a la 2008” in the very near future.
Such an event will come back to haunt the Russian people much harder than the Americans in their time. Because then they had the opportunity to smooth over the seriousness of their internal problems. Partially transferring to the financial systems of other countries thanks to His Majesty the dollar and the role of the United States as the financial capital of the world. Russia has no ability to play such a trick. Our economy and financial market are half isolated from others. Almost the toughest sanctions in history apply to our country. And we spend colossal sums on conducting hostilities in Ukraine. That is, all the bad things that will happen in the Russian financial system will stay in Russia. If it falls on us, all the debris will fall exclusively on our heads.
The economy experienced something similar during the collapse of the USSR, when its structure was torn apart by politics. And now something similar may happen because of the “bubble” in the credit market. In such a scenario, most likely, we will not only forget about the Russian auto industry forever, but the auto market will return to the state of the 90s of the last century.
Let’s make a reservation right away: do not be surprised by the “relevance” of the latest report of the Central Bank of the Russian Federation. They always ‘process’ data there for a month. So, according to him: as of May 1 (yes, the same “fresh”), the total debt of Russian citizens to credit institutions amounted to 30.22 trillion. ruble. At the end of the first quarter of 2023, the same indicator stood at the level of 27.8 trillion. ruble. And in January it was even less – 26.9 trillion. ruble. To clarify the order of the numbers, Russia’s budget expenditures for the whole of 2023 are planned at a level of less than 30 trillion rubles. ruble.
There are already reports in the press that since the beginning of this year the average level of debt (the proportion of income that someone pays off in loans) has risen from 35 to 41%. Remember how we were all amazed at the all-time record for car loans in April? All media trumpeted the approval of domestic banks for car loans to individuals for 109.5 billion rubles. This also contributed to the process of a sharp increase in Russian debt. Economists say this trend has not subsided, and when the Central Bank releases data for the end of June in August, we will see further growth in both debt and indebtedness.
The situation is increasingly reminiscent of the situation in the US in 2008 on the mortgage market. Loans were then issued to everyone. Then many of them could not pay off the banks. The accumulating “bad debts” eventually undermined the financial stability of credit institutions.
We are rapidly following the same path in Russia: fortunately, banks are extending more and more loans to citizens. At the same time, they do not see a significant increase in real incomes: according to Rosstat, it was only 0.1% per year. Despite the fact that people now buy 3-5% less food than before the NWO, and non-food products 8-10% less. This indicates that we have “a la 2008” in the very near future.
Such an event will come back to haunt the Russian people much harder than the Americans in their time. Because then they had the opportunity to smooth over the seriousness of their internal problems. Partially transferring to the financial systems of other countries thanks to His Majesty the dollar and the role of the United States as the financial capital of the world. Russia has no ability to play such a trick. Our economy and financial market are half isolated from others. Almost the toughest sanctions in history apply to our country. And we spend colossal sums on conducting hostilities in Ukraine. That is, all the bad things that will happen in the Russian financial system will stay in Russia. If it falls on us, all the debris will fall exclusively on our heads.
The economy experienced something similar during the collapse of the USSR, when its structure was torn apart by politics. And now something similar may happen because of the “bubble” in the credit market. In such a scenario, most likely, we will not only forget about the Russian auto industry forever, but the auto market will return to the state of the 90s of the last century.
Source: Avto Vzglyad
Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
