The number of credit cards issued in Russia in October (1.11 million) decreased by 13% from 1.27 million in September and by 4.7% compared with October 2021 (1.16 million), according to a National Bureau of Credit Histories (NBKI) analysis of 4,000 lenders’ data.
The number of new credit cards issued by banks fell across all Russian regions, with St. Petersburg accounting for the biggest decrease (down 18.9%), followed by Moscow (down 18.1%) and the Moscow Region (down 17.1%).
Previously, the largest drop was recorded in March 2022, but this segment of the market has gradually recovered since then. The negative trend resumed in September and October.
“This trend can be largely explained by borrowers seeking to reduce their debt level amid the general uncertainty; in this situation, people are unlikely to want to increase their liabilities,” NBKI marketing director Alexei Volkov commented on the recent statistics.