SME Credit Portfolio
As of · 01 Sep 2026
14.77RUB tn
+6.60 %YoY · 01 Sep 2025
+2.33 %MoM · 01 Aug 2026
National SME market
SME credit market and portfolio risk
Validated Bank of Russia and FNS indicators. Dates retain each source's economic meaning.
Current state
Overview
-
Bank of Russia
Bank of Russia market data
-
Federal Tax Service
FNS SME Registry
Monthly Credit Issuance
Reporting month · Aug 2026
1.11RUB tn
-4.80 %YoY · 31 Aug 2025
-15.62 %MoM · 31 Jul 2026
Overdue Debt Ratio
As of · 01 Sep 2026
3.94%
+0.15 ppYoY · 01 Sep 2025Calculated
+0.03 ppMoM · 01 Aug 2026Calculated
Active Borrowers
As of · 01 Sep 2026
561.6thousand
—YoY · Suppressed: comparability warning
+0.62 %MoM · 01 Aug 2026
Registered SME
FNS snapshot · 10 Oct 2026
6.84million
—YoY · Suppressed: comparability warning
+1.00 %MoM · 10 Sep 2026
Credit Coverage Calculated
As of · 01 Sep 2026
Coverage alignment
Research Hub calculated Credit Coverage = CBR SME borrowers with debt ÷ FNS registered SME subjects. credit_coverage_alignment_v1 pairs CBR 01.MM with FNS 10.(MM−1). Official comparisons use two-decimal ROUND_HALF_UP; no fixed tolerance is applied.
CBR · 01 Sep 2026
FNS · 10 Aug 2026
8.39%
—YoY · Suppressed: comparability warning
—MoM · Suppressed: comparability warning
Balances and quality
Portfolio Quality
Overdue debt is based on accounting overdue balances. It is not NPL90, a 90+ DPD share or a default rate.
SME Credit Portfolio
14.77 RUB tnRange: 7.41 RUB tn — 15.69 RUB tn
Historical observations and methodology
- 01 Jan 2022 — 7.41 RUB tn
- 01 Feb 2022 — 7.61 RUB tn
- 01 Mar 2022 — 7.93 RUB tn
- 01 Apr 2022 — 8.07 RUB tn
- 01 May 2022 — 8.24 RUB tn
- 01 Jun 2022 — 8.39 RUB tn
- 01 Jul 2022 — 8.58 RUB tn
- 01 Aug 2022 — 7.95 RUB tn
- 01 Sep 2022 — 8.33 RUB tn
- 01 Oct 2022 — 8.70 RUB tn
- 01 Nov 2022 — 9.02 RUB tn
- 01 Dec 2022 — 9.30 RUB tn
- 01 Jan 2023 — 9.61 RUB tn
- 01 Feb 2023 — 9.62 RUB tn
- 01 Mar 2023 — 9.86 RUB tn
- 01 Apr 2023 — 10.27 RUB tn
- 01 May 2023 — 10.70 RUB tn
- 01 Jun 2023 — 11.11 RUB tn
- 01 Jul 2023 — 11.44 RUB tn
- 01 Aug 2023 — 10.31 RUB tn
- 01 Sep 2023 — 10.83 RUB tn
- 01 Oct 2023 — 11.51 RUB tn
- 01 Nov 2023 — 11.84 RUB tn
- 01 Dec 2023 — 12.26 RUB tn
- 01 Jan 2024 — 12.43 RUB tn
- 01 Feb 2024 — 12.49 RUB tn
- 01 Mar 2024 — 12.69 RUB tn
- 01 Apr 2024 — 13.07 RUB tn
- 01 May 2024 — 13.50 RUB tn
- 01 Jun 2024 — 14.19 RUB tn
- 01 Jul 2024 — 14.40 RUB tn
- 01 Aug 2024 — 13.30 RUB tn
- 01 Sep 2024 — 13.89 RUB tn
- 01 Oct 2024 — 14.15 RUB tn
- 01 Nov 2024 — 14.36 RUB tn
- 01 Dec 2024 — 14.52 RUB tn
- 01 Jan 2025 — 14.50 RUB tn
- 01 Feb 2025 — 14.57 RUB tn
- 01 Mar 2025 — 14.73 RUB tn
- 01 Apr 2025 — 15.02 RUB tn
- 01 May 2025 — 15.29 RUB tn
- 01 Jun 2025 — 15.53 RUB tn
- 01 Jul 2025 — 15.69 RUB tn
- 01 Aug 2025 — 13.64 RUB tn
- 01 Sep 2025 — 13.85 RUB tn
- 01 Oct 2025 — 14.10 RUB tn
- 01 Nov 2025 — 14.41 RUB tn
- 01 Dec 2025 — 14.62 RUB tn
- 01 Jan 2026 — 14.75 RUB tn
- 01 Feb 2026 — 14.61 RUB tn
- 01 Mar 2026 — 14.75 RUB tn
- 01 Apr 2026 — 14.91 RUB tn
- 01 May 2026 — 15.14 RUB tn
- 01 Jun 2026 — 15.38 RUB tn
- 01 Jul 2026 — 15.68 RUB tn
- 01 Aug 2026 — 14.43 RUB tn
- 01 Sep 2026 — 14.77 RUB tn
Unit: RUB tn
Overdue Debt Ratio
3.94 %Range: 3.79 % — 8.23 %
Historical observations and methodology
- 01 Jan 2022 — 8.23 % · Calculated
- 01 Feb 2022 — 8.10 % · Calculated
- 01 Mar 2022 — 7.79 % · Calculated
- 01 Apr 2022 — 7.52 % · Calculated
- 01 May 2022 — 7.39 % · Calculated
- 01 Jun 2022 — 7.29 % · Calculated
- 01 Jul 2022 — 6.90 % · Calculated
- 01 Aug 2022 — 6.60 % · Calculated
- 01 Sep 2022 — 6.34 % · Calculated
- 01 Oct 2022 — 6.01 % · Calculated
- 01 Nov 2022 — 5.86 % · Calculated
- 01 Dec 2022 — 5.83 % · Calculated
- 01 Jan 2023 — 5.60 % · Calculated
- 01 Feb 2023 — 5.69 % · Calculated
- 01 Mar 2023 — 5.61 % · Calculated
- 01 Apr 2023 — 5.31 % · Calculated
- 01 May 2023 — 5.13 % · Calculated
- 01 Jun 2023 — 4.99 % · Calculated
- 01 Jul 2023 — 4.83 % · Calculated
- 01 Aug 2023 — 5.59 % · Calculated
- 01 Sep 2023 — 5.31 % · Calculated
- 01 Oct 2023 — 5.00 % · Calculated
- 01 Nov 2023 — 4.80 % · Calculated
- 01 Dec 2023 — 5.07 % · Calculated
- 01 Jan 2024 — 4.99 % · Calculated
- 01 Feb 2024 — 5.15 % · Calculated
- 01 Mar 2024 — 5.15 % · Calculated
- 01 Apr 2024 — 5.03 % · Calculated
- 01 May 2024 — 4.93 % · Calculated
- 01 Jun 2024 — 4.75 % · Calculated
- 01 Jul 2024 — 4.71 % · Calculated
- 01 Aug 2024 — 5.00 % · Calculated
- 01 Sep 2024 — 4.73 % · Calculated
- 01 Oct 2024 — 4.73 % · Calculated
- 01 Nov 2024 — 4.69 % · Calculated
- 01 Dec 2024 — 4.40 % · Calculated
- 01 Jan 2025 — 4.41 % · Calculated
- 01 Feb 2025 — 4.52 % · Calculated
- 01 Mar 2025 — 4.68 % · Calculated
- 01 Apr 2025 — 4.80 % · Calculated
- 01 May 2025 — 4.81 % · Calculated
- 01 Jun 2025 — 4.94 % · Calculated
- 01 Jul 2025 — 5.02 % · Calculated
- 01 Aug 2025 — 5.49 % · Calculated
- 01 Sep 2025 — 3.79 % · Calculated
- 01 Oct 2025 — 3.84 % · Calculated
- 01 Nov 2025 — 3.92 % · Calculated
- 01 Dec 2025 — 3.88 % · Calculated
- 01 Jan 2026 — 3.99 % · Calculated
- 01 Feb 2026 — 4.02 % · Calculated
- 01 Mar 2026 — 4.05 % · Calculated
- 01 Apr 2026 — 4.23 % · Calculated
- 01 May 2026 — 4.12 % · Calculated
- 01 Jun 2026 — 4.15 % · Calculated
- 01 Jul 2026 — 4.18 % · Calculated
- 01 Aug 2026 — 3.92 % · Calculated
- 01 Sep 2026 — 3.94 % · Calculated
Unit: %
Distress breadth
Borrowers & Loans
Borrowers with debt
As of · 01 Sep 2026
561.6thousand
—YoY · Suppressed: comparability warning
+0.62 %MoM · 01 Aug 2026
Borrowers with overdue
As of · 01 Sep 2026
85.9thousand
+6.75 %YoY · 01 Sep 2025
+6.09 %MoM · 01 Aug 2026
Borrower Distress
As of · 01 Sep 2026
15.29%
+1.82 ppYoY · 01 Sep 2025Calculated
+0.79 ppMoM · 01 Aug 2026Calculated
Loans with debt
As of · 01 Sep 2026
982.2thousand
-12.71 %YoY · 01 Sep 2025
-0.17 %MoM · 01 Aug 2026
Loans with overdue
As of · 01 Sep 2026
157.5thousand
+2.39 %YoY · 01 Sep 2025
+5.26 %MoM · 01 Aug 2026
Loan Distress
As of · 01 Sep 2026
16.04%
+2.37 ppYoY · 01 Sep 2025Calculated
+0.83 ppMoM · 01 Aug 2026Calculated
Borrower Distress
15.29 %Range: 8.50 % — 20.84 %
Historical observations and methodology
- 01 Jan 2022 — 8.50 % · Calculated
- 01 Feb 2022 — 9.43 % · Calculated
- 01 Mar 2022 — 10.71 % · Calculated
- 01 Apr 2022 — 10.10 % · Calculated
- 01 May 2022 — 9.81 % · Calculated
- 01 Jun 2022 — 10.13 % · Calculated
- 01 Jul 2022 — 10.26 % · Calculated
- 01 Aug 2022 — 8.99 % · Calculated
- 01 Sep 2022 — 8.95 % · Calculated
- 01 Oct 2022 — 9.41 % · Calculated
- 01 Nov 2022 — 10.10 % · Calculated
- 01 Dec 2022 — 10.15 % · Calculated
- 01 Jan 2023 — 9.56 % · Calculated
- 01 Feb 2023 — 10.46 % · Calculated
- 01 Mar 2023 — 11.71 % · Calculated
- 01 Apr 2023 — 10.16 % · Calculated
- 01 May 2023 — 10.15 % · Calculated
- 01 Jun 2023 — 10.42 % · Calculated
- 01 Jul 2023 — 10.59 % · Calculated
- 01 Aug 2023 — 9.70 % · Calculated
- 01 Sep 2023 — 9.62 % · Calculated
- 01 Oct 2023 — 9.81 % · Calculated
- 01 Nov 2023 — 10.30 % · Calculated
- 01 Dec 2023 — 10.91 % · Calculated
- 01 Jan 2024 — 10.40 % · Calculated
- 01 Feb 2024 — 11.83 % · Calculated
- 01 Mar 2024 — 12.95 % · Calculated
- 01 Apr 2024 — 12.43 % · Calculated
- 01 May 2024 — 12.87 % · Calculated
- 01 Jun 2024 — 13.37 % · Calculated
- 01 Jul 2024 — 13.82 % · Calculated
- 01 Aug 2024 — 12.91 % · Calculated
- 01 Sep 2024 — 13.35 % · Calculated
- 01 Oct 2024 — 14.72 % · Calculated
- 01 Nov 2024 — 14.22 % · Calculated
- 01 Dec 2024 — 14.66 % · Calculated
- 01 Jan 2025 — 14.70 % · Calculated
- 01 Feb 2025 — 16.52 % · Calculated
- 01 Mar 2025 — 18.83 % · Calculated
- 01 Apr 2025 — 18.27 % · Calculated
- 01 May 2025 — 18.75 % · Calculated
- 01 Jun 2025 — 18.84 % · Calculated
- 01 Jul 2025 — 20.84 % · Calculated
- 01 Aug 2025 — 18.72 % · Calculated
- 01 Sep 2025 — 13.47 % · Calculated
- 01 Oct 2025 — 14.64 % · Calculated
- 01 Nov 2025 — 14.43 % · Calculated
- 01 Dec 2025 — 14.85 % · Calculated
- 01 Jan 2026 — 14.78 % · Calculated
- 01 Feb 2026 — 15.23 % · Calculated
- 01 Mar 2026 — 16.53 % · Calculated
- 01 Apr 2026 — 16.62 % · Calculated
- 01 May 2026 — 16.82 % · Calculated
- 01 Jun 2026 — 16.53 % · Calculated
- 01 Jul 2026 — 17.55 % · Calculated
- 01 Aug 2026 — 14.50 % · Calculated
- 01 Sep 2026 — 15.29 % · Calculated
Unit: %
Loan Distress
16.04 %Range: 7.99 % — 21.03 %
Historical observations and methodology
- 01 Jan 2022 — 8.03 % · Calculated
- 01 Feb 2022 — 8.74 % · Calculated
- 01 Mar 2022 — 9.66 % · Calculated
- 01 Apr 2022 — 9.29 % · Calculated
- 01 May 2022 — 8.98 % · Calculated
- 01 Jun 2022 — 9.17 % · Calculated
- 01 Jul 2022 — 9.19 % · Calculated
- 01 Aug 2022 — 8.03 % · Calculated
- 01 Sep 2022 — 7.99 % · Calculated
- 01 Oct 2022 — 8.35 % · Calculated
- 01 Nov 2022 — 9.11 % · Calculated
- 01 Dec 2022 — 9.28 % · Calculated
- 01 Jan 2023 — 8.92 % · Calculated
- 01 Feb 2023 — 9.66 % · Calculated
- 01 Mar 2023 — 10.53 % · Calculated
- 01 Apr 2023 — 9.35 % · Calculated
- 01 May 2023 — 9.28 % · Calculated
- 01 Jun 2023 — 9.43 % · Calculated
- 01 Jul 2023 — 9.51 % · Calculated
- 01 Aug 2023 — 8.65 % · Calculated
- 01 Sep 2023 — 8.62 % · Calculated
- 01 Oct 2023 — 8.75 % · Calculated
- 01 Nov 2023 — 9.15 % · Calculated
- 01 Dec 2023 — 9.69 % · Calculated
- 01 Jan 2024 — 9.47 % · Calculated
- 01 Feb 2024 — 10.74 % · Calculated
- 01 Mar 2024 — 11.70 % · Calculated
- 01 Apr 2024 — 11.45 % · Calculated
- 01 May 2024 — 11.86 % · Calculated
- 01 Jun 2024 — 12.48 % · Calculated
- 01 Jul 2024 — 12.84 % · Calculated
- 01 Aug 2024 — 12.09 % · Calculated
- 01 Sep 2024 — 12.59 % · Calculated
- 01 Oct 2024 — 13.69 % · Calculated
- 01 Nov 2024 — 13.67 % · Calculated
- 01 Dec 2024 — 14.24 % · Calculated
- 01 Jan 2025 — 14.57 % · Calculated
- 01 Feb 2025 — 16.39 % · Calculated
- 01 Mar 2025 — 18.34 % · Calculated
- 01 Apr 2025 — 18.17 % · Calculated
- 01 May 2025 — 18.82 % · Calculated
- 01 Jun 2025 — 19.20 % · Calculated
- 01 Jul 2025 — 21.03 % · Calculated
- 01 Aug 2025 — 19.43 % · Calculated
- 01 Sep 2025 — 13.67 % · Calculated
- 01 Oct 2025 — 14.87 % · Calculated
- 01 Nov 2025 — 15.12 % · Calculated
- 01 Dec 2025 — 15.65 % · Calculated
- 01 Jan 2026 — 15.89 % · Calculated
- 01 Feb 2026 — 15.90 % · Calculated
- 01 Mar 2026 — 16.88 % · Calculated
- 01 Apr 2026 — 17.19 % · Calculated
- 01 May 2026 — 17.52 % · Calculated
- 01 Jun 2026 — 17.47 % · Calculated
- 01 Jul 2026 — 18.36 % · Calculated
- 01 Aug 2026 — 15.21 % · Calculated
- 01 Sep 2026 — 16.04 % · Calculated
Unit: %
Statutory universe
SME Population
Registered SME
FNS snapshot · 10 Oct 2026
6.84million
—YoY · Suppressed: comparability warning
+1.00 %MoM · 10 Sep 2026
Legal entities
FNS snapshot · 10 Oct 2026
2.03million
—YoY · Suppressed: comparability warning
+0.11 %MoM · 10 Sep 2026
Individual entrepreneurs
FNS snapshot · 10 Oct 2026
4.80million
—YoY · Suppressed: comparability warning
+1.39 %MoM · 10 Sep 2026
Micro
FNS snapshot · 10 Oct 2026
6.57million
—YoY · Suppressed: comparability warning
+1.05 %MoM · 10 Sep 2026
Small
FNS snapshot · 10 Oct 2026
240.9thousand
—YoY · Suppressed: comparability warning
-0.16 %MoM · 10 Sep 2026
Medium
FNS snapshot · 10 Oct 2026
24.4thousand
—YoY · Suppressed: comparability warning
-0.05 %MoM · 10 Sep 2026
Employment
Measurement year 2025 · FNS snapshot 10 Oct 2026
15.08million
—YoY · Comparable history unavailable
-0.13 %Previous comparable point · 10 Sep 2026
Employees per SME
As of · 10 Oct 2026
2.21
—YoY · Comparable history unavailable
-1.12 %Previous comparable point · 10 Sep 2026Calculated
Registered SME history
6,835,371Range: 5,659,878 — 7,009,627
Historical observations and methodology
- 10 Jan 2022 — 5,866,703
- 10 Feb 2022 — 5,899,102
- 10 Mar 2022 — 5,955,869
- 10 Apr 2022 — 5,976,187
- 10 May 2022 — 6,007,029
- 10 Jun 2022 — 6,034,031
- 10 Jul 2022 — 5,659,878 · comparability warning · FNS SME Registry annual review 2022: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Aug 2022 — 5,748,713
- 10 Sep 2022 — 5,828,159
- 10 Oct 2022 — 5,881,027
- 10 Nov 2022 — 5,908,615
- 10 Dec 2022 — 5,969,046
- 10 Jan 2023 — 5,991,349
- 10 Feb 2023 — 6,050,756
- 10 Mar 2023 — 6,114,731
- 10 Apr 2023 — 6,184,495
- 10 May 2023 — 6,249,479
- 10 Jun 2023 — 6,307,055
- 10 Jul 2023 — 5,924,293 · comparability warning · FNS SME Registry annual review 2023: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Aug 2023 — 6,012,003
- 10 Sep 2023 — 6,100,689
- 10 Oct 2023 — 6,173,155
- 10 Nov 2023 — 6,238,261
- 10 Dec 2023 — 6,310,279
- 10 Jan 2024 — 6,347,771
- 10 Feb 2024 — 6,390,834
- 10 Mar 2024 — 6,451,293
- 10 Apr 2024 — 6,503,649
- 10 May 2024 — 6,561,582
- 10 Jun 2024 — 6,574,855
- 10 Jul 2024 — 6,186,739 · comparability warning · FNS SME Registry annual review 2024: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Aug 2024 — 6,294,603
- 10 Sep 2024 — 6,373,950
- 10 Oct 2024 — 6,437,421
- 10 Nov 2024 — 6,508,316
- 10 Dec 2024 — 6,566,410
- 10 Jan 2025 — 6,588,535
- 10 Feb 2025 — 6,619,207
- 10 Mar 2025 — 6,665,754
- 10 Apr 2025 — 6,707,026
- 10 May 2025 — 6,749,524
- 10 Jun 2025 — 6,783,050
- 10 Jul 2025 — 6,389,939 · comparability warning · FNS SME Registry annual review 2025: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Aug 2025 — 6,469,492
- 10 Sep 2025 — 6,567,005
- 10 Oct 2025 — 6,640,211
- 10 Nov 2025 — 6,707,476
- 10 Dec 2025 — 6,763,994
- 10 Jan 2026 — 6,835,555
- 10 Feb 2026 — 6,865,584
- 10 Mar 2026 — 6,911,823
- 10 Apr 2026 — 6,947,425
- 10 May 2026 — 6,983,575
- 10 Jun 2026 — 7,009,627
- 10 Jul 2026 — 6,612,445 · comparability warning · FNS SME Registry annual review 2026: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Aug 2026 — 6,696,310
- 10 Sep 2026 — 6,767,441
- 10 Oct 2026 — 6,835,371
- 10 Jul 2022 — FNS SME Registry annual review 2022: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2023 — FNS SME Registry annual review 2023: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2024 — FNS SME Registry annual review 2024: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2025 — FNS SME Registry annual review 2025: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2026 — FNS SME Registry annual review 2026: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
Unit: count
Methodology marker
Employment is an annual measurement vintage repeated in monthly Register snapshots; it is not a monthly labour-market flow.
Cross-source metric
Credit Coverage
- Research Hub calculated
- 8.39 %
- CBR reported
- Unavailable for this period
- Gap
- Unavailable
- Reference date
- 01 Sep 2026
Research Hub calculated Credit Coverage
8.39 %Range: 7.33 % — 10.09 %
Historical observations and methodology
- 01 Feb 2022 — 7.35 % · Calculated
- 01 Mar 2022 — 7.55 % · Calculated
- 01 Apr 2022 — 7.38 % · Calculated
- 01 May 2022 — 7.35 % · Calculated
- 01 Jun 2022 — 7.33 % · Calculated
- 01 Jul 2022 — 7.42 % · Calculated
- 01 Aug 2022 — 7.80 % · Calculated · comparability warning · FNS SME Registry annual review 2022: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 01 Sep 2022 — 7.84 % · Calculated
- 01 Oct 2022 — 7.94 % · Calculated
- 01 Nov 2022 — 7.96 % · Calculated
- 01 Dec 2022 — 8.13 % · Calculated
- 01 Jan 2023 — 8.08 % · Calculated
- 01 Feb 2023 — 8.15 % · Calculated
- 01 Mar 2023 — 8.25 % · Calculated
- 01 Apr 2023 — 8.43 % · Calculated
- 01 May 2023 — 8.59 % · Calculated
- 01 Jun 2023 — 8.57 % · Calculated
- 01 Jul 2023 — 8.65 % · Calculated
- 01 Aug 2023 — 9.12 % · Calculated · comparability warning · FNS SME Registry annual review 2023: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 01 Sep 2023 — 9.22 % · Calculated
- 01 Oct 2023 — 9.32 % · Calculated
- 01 Nov 2023 — 9.42 % · Calculated
- 01 Dec 2023 — 9.45 % · Calculated
- 01 Jan 2024 — 9.37 % · Calculated
- 01 Feb 2024 — 9.47 % · Calculated
- 01 Mar 2024 — 9.55 % · Calculated
- 01 Apr 2024 — 9.67 % · Calculated
- 01 May 2024 — 9.73 % · Calculated
- 01 Jun 2024 — 9.70 % · Calculated
- 01 Jul 2024 — 9.75 % · Calculated
- 01 Aug 2024 — 10.01 % · Calculated · comparability warning · FNS SME Registry annual review 2024: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 01 Sep 2024 — 10.00 % · Calculated
- 01 Oct 2024 — 10.09 % · Calculated
- 01 Nov 2024 — 10.08 % · Calculated
- 01 Dec 2024 — 10.02 % · Calculated
- 01 Jan 2025 — 9.84 % · Calculated
- 01 Feb 2025 — 9.94 % · Calculated
- 01 Mar 2025 — 9.93 % · Calculated
- 01 Apr 2025 — 9.98 % · Calculated
- 01 May 2025 — 10.01 % · Calculated
- 01 Jun 2025 — 10.00 % · Calculated
- 01 Jul 2025 — 9.98 % · Calculated
- 01 Aug 2025 — 10.08 % · Calculated · comparability warning · FNS SME Registry annual review 2025: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 01 Sep 2025 — 9.23 % · Calculated
- 01 Oct 2025 — 9.17 % · Calculated
- 01 Nov 2025 — 9.12 % · Calculated
- 01 Dec 2025 — 9.10 % · Calculated
- 01 Jan 2026 — 8.92 % · Calculated
- 01 Feb 2026 — 8.76 % · Calculated
- 01 Mar 2026 — 8.71 % · Calculated
- 01 Apr 2026 — 8.69 % · Calculated
- 01 May 2026 — 8.63 % · Calculated
- 01 Jun 2026 — 8.59 % · Calculated
- 01 Jul 2026 — 8.54 % · Calculated
- 01 Aug 2026 — 8.44 % · Calculated · comparability warning · FNS SME Registry annual review 2026: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 01 Sep 2026 — 8.39 % · Calculated
- 10 Jul 2022 — FNS SME Registry annual review 2022: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2023 — FNS SME Registry annual review 2023: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2024 — FNS SME Registry annual review 2024: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2025 — FNS SME Registry annual review 2025: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- 10 Jul 2026 — FNS SME Registry annual review 2026: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
Unit: %
Methodology marker
| Reference | Calculated | CBR reported | Gap | Status |
|---|---|---|---|---|
| 01 Jul 2025 | 9.98 % | 9.98 % | -0.001 pp | Reconciled |
| 01 Jun 2025 | 10.00 % | 10.00 % | -0.002 pp | Reconciled |
| 01 May 2025 | 10.01 % | 10.01 % | +0.002 pp | Reconciled |
| 01 Apr 2025 | 9.98 % | 9.98 % | +0.004 pp | Reconciled |
| 01 Mar 2025 | 9.93 % | 9.93 % | +0.001 pp | Reconciled |
| 01 Feb 2025 | 9.94 % | 9.94 % | -0.003 pp | Reconciled |
Research Hub calculated Credit Coverage = CBR SME borrowers with debt ÷ FNS registered SME subjects. credit_coverage_alignment_v1 pairs CBR 01.MM with FNS 10.(MM−1). Official comparisons use two-decimal ROUND_HALF_UP; no fixed tolerance is applied.
Policy context
Monetary Policy
CBR Key Rate
14.00 %Range: 7.50 % — 21.00 %
Historical observations and methodology
- 03 Jan 2022 — 8.50 %
- 14 Feb 2022 — 9.50 %
- 28 Feb 2022 — 20.00 %
- 11 Apr 2022 — 17.00 %
- 04 May 2022 — 14.00 %
- 27 May 2022 — 11.00 %
- 14 Jun 2022 — 9.50 %
- 25 Jul 2022 — 8.00 %
- 19 Sep 2022 — 7.50 %
- 24 Jul 2023 — 8.50 %
- 15 Aug 2023 — 12.00 %
- 18 Sep 2023 — 13.00 %
- 30 Oct 2023 — 15.00 %
- 18 Dec 2023 — 16.00 %
- 29 Jul 2024 — 18.00 %
- 16 Sep 2024 — 19.00 %
- 28 Oct 2024 — 21.00 %
- 09 Jun 2025 — 20.00 %
- 28 Jul 2025 — 18.00 %
- 15 Sep 2025 — 17.00 %
- 27 Oct 2025 — 16.50 %
- 22 Dec 2025 — 16.00 %
- 16 Feb 2026 — 15.50 %
- 23 Mar 2026 — 15.00 %
- 27 Apr 2026 — 14.50 %
- 22 Jun 2026 — 14.25 %
- 27 Jul 2026 — 14.00 %
Unit: %
The key rate is shown as an event-driven step series using its actual effective dates, not as a monthly observation.
Interpretation
Methodology / Data Notes
Accounting overdue
CBR overdue balances and derived distress ratios are not NPL90, 90+ DPD or default rates.
FNS annual review
July Registry reformation can change the statutory SME population and nearby CBR comparisons.
Employment vintage
January–June snapshots refer to Y−2; July–December snapshots refer to Y−1.
Coverage alignment
CBR first-of-month borrower stock is paired with the preceding FNS tenth-of-month snapshot.
Recorded methodology events (5)
- — FNS SME Registry annual review 2022: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- — FNS SME Registry annual review 2023: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- — FNS SME Registry annual review 2024: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- — FNS SME Registry annual review 2025: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
- — FNS SME Registry annual review 2026: The official 10 July Registry reformation applies prior-year financial and economic information; surrounding changes are a comparability event, not automatically a market movement.
Source freshness
- CBR data through
- FNS snapshot
- Calculated data through