Belarusians borrow in record-breaking numbers

Belarus took consumer credits worth of record-breaking BYN1.3 billion in 2017, having pushed the total amount the population now owes to banks to BYN3 billion ($1.5 billion), reports TUT.by quoting the National Bank of Belarus.

As of early 2018, physical persons' debt on consumption loans amounted to  BYN2.997,3 million. Last year, the amount was BYN1.679,8 million.

All in all, Belarusians owe banks slightly over BYN9 billion ($4.5 billion) - the money that was used to purchase goods or services by physical persons.

Demand for consumer loans from physical persons began to grow in April 2017, having hit the highest mark in October when additional BYN160 million were borrowed.

The delayed and extended credits remain at a safe level of around 1.5%. However, as of 1 November 2017, bad loans accounted for 1.1% of the total credit portfolio of Belarusian banks.