MOSCOW, January 30. /TASS/. The mortgage portfolio of Russian banks grew by record 34.5% in 2023, and by 2.9% in December, the Central Bank reported.

"In 2023, the portfolio grew by 34.5%, which is 70% higher than in 2022 (20.4%). The growth of mortgage was mainly encouraged by state support programs, with the Central Bank’s key rate hike not affecting their rates. According to preliminary figures, in December mortgage increased by 2.9% despite the tightening of conditions on subsidized programs and growth of market rates," the regulator said.

The Bank of Russia expects balanced growth and improvement of mortgage lending standards in 2024, which suggests not so high growth of the market as last year.