INSUBCONTINENT EXCLUSIVE:
Mortgage loans in Russia fell by their largest margin ever in April despite government measures to avert the economic fallout from
rubles ($2 billion) in April 2022
That marked a 75% drop from March, when banks issued 529.3 billion rubles ($8 billion) in mortgage loans, and a 77% drop in the number of
2020.Russian banks hiked mortgage rates after the Central Bank more than doubled its key interest rate to 20% in the days after President
Vladimir Putin ordered troops into Ukraine in late February
The key rate has since settled at 14%.Banks and experts point to the high interest rate in explaining lower demand for mortgage loans
Some banks surveyed by RBC reported large shares of their mortgage loans being part of government-subsidized programs.Experts say the
from 12% to 9% under the current state-backed scheme that was extended into the end of 2022
