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Finance and Credit
 

Debt limit on ruble-denominated loans to Russian non-financial organizations

Vol. 29, Iss. 11, NOVEMBER 2023

Received: 26 June 2023

Received in revised form: 10 July 2023

Accepted: 24 July 2023

Available online: 30 November 2023

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: Е42, E50, Е51, Е59

Pages: 2509–2529

https://doi.org/10.24891/fc.29.11.2509

Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article considers debt on loans issued to Russian non-financial organizations in rubles.
Objectives. The purpose is to determine debt limit on the said loans.
Methods. The study rests on systems approach, using the method of statistical analysis.
Results. The study revealed a significant increase in debt on ruble-denominated loans and acquired rights of claim on loans with floating or variable interest rate; loss of debt priority on ruble-denominated loans and acquired rights of claim on loans with fixed interest rate. The paper highlights peak values of difference in weighted average interest rates on ruble-denominated loans granted by credit institutions to non-financial organizations, for terms “up to 1 year”, including “demand loans”, and “over 1 year”. It also shows a significant decrease in the difference in turnovers.
Conclusions. The revealed debt limit on ruble-denominated loans to Russian non-financial organizations, which, to a greater extent, is determined by the growth dynamics of debt on loans with a floating (variable interest rate) and the ability of monetary authorities to compensate for the increase in the debt of non-financial organizations by the growth of cash in circulation within the boundaries of a value benchmark, directs the government members to certain actions. The provisions of the study expand the competence of government members to form a set of measures to improve the efficiency of the Russian economy.

Keywords: debt securities, loan debt, cash, non-financial organization, interest rate

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