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Russia’s mortgage rates close to all-time low — Central Bank chief

June 09, 19:48 UTC+3 MOSCOW

Banks now have all the opportunities to boost lending, Central Bank chief Elvira Nabiullina said

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MOSCOW, June 9. /TASS/. Mortgage lending rates in Russia are now close to all-time low values, Chairperson of the Bank of Russia Elvira Nabiullina said on Friday.

"Rates of banking loans are declining right after inflation and actually returned to the pre-crisis level, and even lower for the mortgage. Mortgage rates are currently close to all-time low," the banker said.

Banks now have all the opportunities to boost lending, Nabiullina said.

"Profit continues growing; loans for the economy grew in April by 1.3%. Lending of agriculture, mining industry, transport and communications is growing at the quicker rate. It is highly important that lending for small business, which was declining throughout the last year and was the point of concern for us, started recovering," she added.

The largest Russian banks earlier announced reduction of mortgage lending rates. The VTB Group slashed mortgage rates to 10% from June 7.

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