According to banking statistics, lending growth rates have accelerated over the past 2 years. If in January-May 2022 the population was issued loans in the amount of 3,282.7 million rubles, then for the same period in 2023 the amount increased to 4,874.7 million rubles, and in 2024 – to 6,242.9 million rubles . Thus, in nominal terms, the intensity of lending to Belarusians by banks increased 1.9 times, writes Thinktanks.by .
The highest growth rates are observed in real estate financing. If in January-May 2023, compared to January-May 2022, the volume of issuance increased 1.4 times, then in January-May 2024, compared to January-May 2023, this figure increased 1.8 times, and compared to January-May 2023, by May 2022 – almost 2.5 times.
An increase in demand is also observed for consumer needs. In the structure of loans issued for 5 months of 2024, as in previous periods, the share of loans for consumer needs prevailed. They accounted for 77.3% of the total volume of loans issued.
This inequality in the structure between consumer loans and housing loans is explained by the fact that consumer loans are most often taken out for a short period and amount. Within a few years you can pay them off and get new ones. Moreover, since these are small loans, it is much easier to get approval from the bank even for people with low incomes. At the same time, consumer loans also include more significant purchases, such as cars.
Experts explain the growth in lending volumes for the following reasons:
- Growth in real wages, which increases the creditworthiness of borrowers
- The continued variety of offers from banks for loans at attractive rates.
- People become more confident in their future. The relatively high growth rates demonstrated by the Belarusian economy have contributed to the fact that Belarusians have increasingly decided to take on a long-term debt load on their personal budget.