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Russia's Central Bank key rate should be reduced faster — minister

Earlier the construction minister said that the reduction of the Central Bank’s key rate to 8.5% will help the government to complete the state program for mortgage rate subsidizing

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Russian Central Bank retains key rate

GORKI, August 1. /TASS/. The Russian Central Bank key rate should be reduced at a faster rate, Russian Minister of Construction, Housing and Utilities Mikhail Men told journalists on Monday.

"I would like to say that the prospects for mortgage are very good. If these incentive measures by the Agency for Housing Mortgage Lending give results - e-mortgage, backed security guarantees of the agency - in the long term it can lower the interest rate by 1% with a gradual reduction of the key interest rate. We want this process to be faster, but we see that it is in progress," he said.

According to him, the support measures launched within priority projects of the housing industry, by the end of 2017 might lead to lower mortgage rates. "First, we have to start the process, the Agency is prepared. Now there are complex agreements with the Russian Central Bank. We would like to see the effect by the end of 2017," the Minister said. He said he was sure that in the future these measures will help reduce the interest rate on mortgage by 1%.

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On July 13, President Vladimir Putin said at the first meeting of the Board of Strategic Development Council that lowering the key rate of Russia’s Central Bank should not be the only condition for the reduction of mortgage rates.

"The reduction of the key rate of the Central Bank is not the only condition for lowering interest rates on mortgage loans. Let’s have it in mind, this is not a cure-all solution," the president said commenting on the report of the Construction Minister Mikhail Men.

In his report the minister stated that formation of market of mortgage-backed securities guaranteed by the Agency for Housing Mortgage Lending in combination with a gradual reduction of the Central Bank’s key rate will make mortgage more accessible for people and boost demand for new housing.

Earlier the minister said that the reduction of the Central Bank’s key rate to 8.5% will help the government to complete the state program for mortgage rate subsidizing to 12% (the program was launched in March 2015) because market rates will be acceptable for the population.

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