The central bank NBS proposed speedily adopting two new measures to curb retail lending. Starting in January, debtors must be left with 40% of their income after payment of their mortgage or consumer debts and subtracting the subsistence minimum (20% now). This will limit access to credit for less affluent debtors and those using consumer loans to provide co-financing for mortgage.
NBS has been tightening loan standards since 2014. It is concerned about the potential for a high default rate in the event of an increase in interest rates or unemployment. In the first half of this year, the growth pace in retail lending slowed down to 9.5%, but it was again in double digits in the third quarter.