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Putin instructs government to assume measures to lower mortgage rate to below 8%

The president also ordered to approve a list of measures to create Russian protected brands of ecologically safe agricultural products by July

MOSCOW, February 27. /TASS/. President Vladimir Putin has instructed the Russian government and Central Bank to assume measures to reduce the mortgage rate to the level of 8% per annum and lower, according to the list of instructions published on Wednesday on the Kremlin’s official website following Putin’s State of the Nation Address to the Federal Assembly.

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"The government of the Russian Federation together with the Bank of Russia should assume additional measures aimed at reducing the interest rate on mortgage home loans to the level of 8% per annum and lower," the list of instructions runs.

The president also instructed the government to approve a list of measures to create Russian protected brands of ecologically safe agricultural products, primary produce and food by July 1.

That task has been set "for the purpose of promoting such Russian goods on the domestic and overseas markets." Moreover, Putin requested that a compliance system should be provided for monitoring production and turnover requirements.

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