- non-financial organisations and financial organisations (except banking system) debt on bank loans and debt securities including accrued interest;
- households and non-profit institutions serving households (NPISHs) debt on bank lending; debt on housing mortgage loans sold by credit institutions to mortgage agents and debt on consumer loans sold by credit institutions to specialized financial companies (including repayment).
Organisations and Households debt
Q3 2025
Last update: 22.01.2026
| Data link: | Organisations and Households debt |
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As of 01.10.2025, the debt of organisations and households amounted to 170.5 trn rubles. For Q3 the debt increased by 5.2 trn rubles (herenafter – adjusted for foreign currency revaluation). Domestic borrowings dominate in total debt (94.2%).
The debt-to-GDP ratio remained approximately at the level of the previous quarter – 80.9%. In general, the annual growth rate of debt in Q3 2025 continued the downward trend (9.1% compared to the 11.0% in Q2 2025), non-financial organisations demonstrated the most tangible reduction in annual growth rate.
Tab. 1
| 01.10.2025 trn rubles |
% GDP | Quarterly changes*, trn rubles |
Growth rates*, % | |||||
| Quarterly | Annual | |||||||
| Q2 2025 | Q3 2025 | 01.07.2025 | 01.10.2025 | 01.07.2025 | 01.10.2025 | |||
|---|---|---|---|---|---|---|---|---|
| Organisations and households debt | 170,5 | 80,9 | 3,3 | 5,2 | 2,1 | 3,1 | 11,0 | 9,1 |
| in rubles | 148,2 | |
2,5 | 4,4 | 1,7 | 3,1 | 13,6 | 10,6 |
| in foreign currency | 22,3 | |
0,9 | 0,8 | 4,3 | 3,8 | -3,4 | 1,0 |
| Non-financial organisations | 102,7 | 48,8 | 3,4 | 3,2 | 3,6 | 3,2 | 14,0 | 11,7 |
| Financial organisations** | 25,4 | 12,1 | -0,3 | 1,4 | -1,0 | 5,8 | 14,3 | 13,4 |
| Households and NPISH | 42,3 | 20,1 | 0,2 | 0,6 | 0,4 | 1,5 | 2,6 | 0,9 |
Organisations and households debt, trn rubles
Fig. 1
** except banking system.
Annual growth rates of organisations and households debt*, %
Fig. 2
* excluding foreign currency revaluation.
** except banking system.
Debt of non-financial organisations still accounted for the bulk of the debt of organisations and households and was formed mainly by debt on loans (by 01.10.2025 – 87.3 trn rubles or 85.1%). At the same time, the share of debt securities of non-financial organisations continued to increase and amounted to 14.9% (14.5% in Q2 2025). The largest contribution to the annual growth rate of debt as of July 1, 2025 was made by manufacturing production – 5.3 percentage points out of 11.7%.
Debt of financial organisations (hereinafter – except banking system) was mainly formed by debt on loans (by 01.10.2025 – 13.3 trn rubles or 52.3%). At the same time, debt securities of financial organisations accounted for a significant part of the debt – 12.1 trn rubles. The annual growth rate of debt of financial organisations decreased to 13.4% (14.3% in Q2 2025).
Household debt as of 01.10.2025 amounted to 42.3 trn rubles, of which 22.7 trn rubles (or 53.7%) accounted for housing mortgage loans. The annual growth rate of household debt decreased to 0.9% (2.6% in Q2 2025). The annual growth rate of household debt on mortgage loans (excluding foreign currency revaluation) increased to 4.9% as of 01.10.2025 compared to 4.4% as of 01.07.2025. For more information on household credit debt, see Household Savings .
Non-financial organisations debt (by instruments), trn rubles
Fig. 3
Contribution of components to the annual growth rate of debt of non-financial organisations (by type of economic activity), p.p. ***
Fig. 4
* excluding foreign currency revaluation.
*** by OKVED 2.
Financial organisations debt (by instruments), trn rubles
Fig. 5
** except banking system.
Structure of household debt*, trn rubles
Fig. 6
Annual growth rates of households debt*, %
Fig. 7
* excluding foreign currency revaluation.
The structure of domestic and external debt of organisations and households, trn of rubles
Fig. 8
Methodological notes
External borrowings of organisations and households comprise:
Excluding the effect of currency revaluation (IVP) as a result of a change in the exchange rate of foreign currency against the ruble allows you to analyze the change in the debt of organisations and households for a certain period as a result of transactions, and not a change in the exchange rate of the currency in which the currency component is expressed.
Full notes available on the link.
The Bank of Russia publishes “Organisations and households debt” by economic sector, financial instrument and currency (rubles and foreign currency) on quarterly basis.
The debt comprises domestic and external borrowings of the non-financial organisations, financial organisations (except banking system) and households and non-profit institutions serving households (NPISHs).
Domestic borrowings of organisations and households comprise:- outstanding amounts on loans to non-residents less outstanding amounts on repos, as well as debt securities of non-financial organisations and financial organisations (except banking system) held in non-residents’ portfolio (including outstanding amounts on promissory notes);
- debt of households and NPISHs comprise their outstanding amounts on loans to non-residents less outstanding amounts on repos.
Department responsible for publication: Statistics Department
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Last updated on: 22.01.2026
** except banking system.