Belarus sees record personal lending surge as inflation reshapes borrowing in 2026
Belarus saw a steady rise in personal lending by the start of 2026, with 5.2 million active loan agreements totalling 44.9 billion Belarusian rubles. Residents of Minsk held the largest share of both loan numbers and total volume, reflecting wider borrowing trends across the country. Over the past five years, loan amounts have climbed sharply, driven by inflation and currency shifts.
As of January 1, 2026, Minsk led with 17% of all loan agreements, closely followed by Minsk Region at 16.9%. The capital also topped the total loan volume at 10.3 billion rubles, while Mogilev Region recorded the lowest at 4.3 billion rubles. In 2025 alone, 1.96 million new loans were issued, averaging 163,000 agreements signed each month.
Loan sizes have grown significantly over the past five years. The average amount per person rose from around 2,500 rubles in 2021 to roughly 5,800 rubles in 2025, largely due to high inflation and the weakening of the Belarusian ruble. After adjusting for inflation, however, real growth remained modest at about 15â20%. Gender differences also emerged in borrowing patterns. Women secured 2.8 million loans worth 21.7 billion rubles, with an average size of 7,700 rubles. Men, meanwhile, took out 2.4 million loans totalling 23.2 billion rubles, averaging 9,800 rubles each. Repayment discipline varied as well: women had 95,000 delinquent loans, compared to 142,000 for men. The overall share of low-risk loans improved, reaching 87.3% in 2025, indicating a more stable lending environment.
The data highlights a growing reliance on credit among Belarusians, with Minsk remaining the most active region for borrowing. While inflation has pushed up nominal loan values, the increase in low-risk lending suggests a more cautious approach by both borrowers and banks. Women continue to demonstrate stronger repayment records despite taking out slightly smaller loans on average.
