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Mortgage lending growth down to 0.7% in July

"Nevertheless, it is not fully correct to compared two months because disbursements in June were abnormally high on the verge of the change in government support conditions," the Central Bank noted

MOSCOW, August 22. /TASS/. Mortgage lending growth slowed down in July to 0.7% amid winding down the large-scale subsidized program, the Bank of Russia said.

The mortgage portfolio of Russian banks stood at 19.7 trillion rubles ($215.6 bln) as of the end of July.

"According to preliminary data, the mortgage lending rate geared down to more balanced 0.7% after feverish 3.1% in June. Disbursement volumes expectably contracted by more than twofold, to 356 bln [rubles] ($3.9 bln) from 788 bln rubles ($8.6 bln) in June. Nevertheless, it is not fully correct to compared two months because disbursements in June were abnormally high on the verge of the change in government support conditions," the Central Bank noted.