The slowdown of the consumer lending growth that became more visible from October onwards will continue this year, due to a moderate increase in revenues, with annual growth standing at some 25% in real terms, the National Forecast Commission estimates. This would, however, mean a truly dramatic correction, given that the consumer lending volume increased by more than 100% in nominal terms between November 2004 and November 2005. The National Forecast Commission''s calculations take into account the significant impact of the NBR''s measures, mainly regarding those that cap the monthly payment commitments pertaining to consumer loans to 30% of the net income of the applicant and of their family. Foreign currency credit in its turn felt the impact of the cap imposed on the total exposure of banks, set at a maximum of three times the value of their equity funds. There are also the effects of the increase in the minimum reserves, from 30 to 35% of the funding sources in foreign currency attracted, regardless of maturity, that came into force as of this month. Since savings are dwindling, a slowdown of the increase in lending for individual customers could help reduce both consumption and the vulnerability of borrowers to possible shocks affecting their incomes, or generated by the exchange rate. ZF
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