- 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
Q1 2026
Last update: 09.07.2026
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Organisations and Households debt |
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In Q1 2026 the debt of organisations and households increased by 1.1 trn rubles (hereinafter – adjusted for foreign currency revaluation) to 176.6 trn rubles. The share of domestic borrowings remained high and amounted to 95%.
As of 01.04.2026 the annual growth rate of debt slowed down and amounted to 9.3%. The debt-to-GDP ratio remained approximately at the level of the previous quarter – 81.7%.
Tab. 1
|
01.04.2026 trn rubles |
% GDP |
Quarterly changes*, trn rubles |
Growth rates*, % | |||||
| Quarterly | Annual | |||||||
| Q4 2025 | Q1 2026 | 01.01.2026 | 01.04.2026 | 01.01.2026 | 01.04.2026 | |||
|---|---|---|---|---|---|---|---|---|
| Organisations and households debt | 176,6 | 81,7 | 5,5 | 1,1 | 3,2 | 0,6 | 9,4 | 9,3 |
| in rubles | 155,4 |
|
6,2 | 0,9 | 4,2 | 0,6 | 9,9 | 9,9 |
| in foreign currency | 21,2 |
|
-0,7 | 0,1 | -3,3 | 0,5 | 6,5 | 5,1 |
| Non-financial organisations | 107,3 | 49,4 | 4,1 | 0,9 | 4,0 | 0,9 | 12,8 | 12,1 |
| Financial organisations** | 25,7 | 12 | 0,4 | -0,1 | 1,6 | -0,3 | 6,0 | 6,0 |
| Households and NPISH | 43,6 | 20,2 | 1 | 0,2 | 2,4 | 0,6 | 3,5 | 4,9 |
Organisations and households debt
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 amounted to 107.3 trn rubles as of 01.04.2026, its growth for the Q1 was traditionally lower than in Q4 (0.9 trn rubles against 4.1 trn rubles), its annual growth rate decreased to 12.1%. The bulk of the debt, as before, accounted for loans (91 trn rubles or 84.8%). At the same time, the share of debt securities of non-financial organisations increased to 15.2% in Q1 2026 (14.8% in Q4 2025). The largest contribution to the annual growth rate of debt (4.3 percentage points out of 12.1%) was made by organizations with OKVED – “Manufacturing”.
Debt of financial organisations (hereinafter – except the banking system) decreased by 0.1 trn rubles in Q1 2026 (+0.4 trn rubles in Q4 2025) and amounted to 25.7 trn rubles. In Q1 2026 the debt of financial organisations was formed to a greater extent by debt securities, which increased to 13 trn rubles (50.5% of the total debt of financial organisations). Debt on loans to financial organisations decreased and amounted to 12.7 trn rubles. The annual growth rate of debt of financial organisations has not changed compared to the previous quarter (6%).
Household debt increased and amounted to 43.6 trn rubles, of which 24.2 trn rubles (or 55.5%) accounted for housing mortgage loans. The annual growth rate of household debt rose to 4.9% (3.5% in Q4 2025). The annual growth rate of household debt on mortgage loans (adjusted for foreign currency revaluation) increased to 10.6% as of 01.04.2026 compared to 9.1% as of 01.01.2026. For more information on household 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 and Statistical Register of Economic Entities of the Russian Federation of the Federal State Statistics Service (Statregister).
Financial organisations debt (by instruments)
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
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: 10.07.2026
** except banking system.