MOSCOW, September 13. /TASS/. Reaching the inflation target in Russia at 4% will make mortgages more accessible, head of the Bank of Russia Elvira Nabiullina said at a press conference following a meeting of the bank’s board of directors.

"When they talk about the consequences of ending mortgages at 8%, we had approximately this market rate when inflation was around 4% for some time. Market rates were absolutely accessible," she said.

Nabiullina noted that for the Bank of Russia "it is very important to bring inflation to the target."

"This will allow market mortgages to develop," she added.

On July 1, 2024, large-scale preferential mortgages for new buildings at a rate of 8% finished in Russia. According to DOM.RF, more than 1.5 million loans worth over 6 trillion rubles ($65.9 bln) were issued under the program. The Bank of Russia repeatedly advocated for curtailing this program and pointed to the rise in housing costs due to the "benefits.".