National Reserve Bank to start mortgage program

The National Reserve Bank (NRB) has announced the implementation of a mortgage program, Yelena Klepikova, the Vice President of the bank, declared at a national conference devoted to mortgaging in Russia. She pointed out that the program would start in the Moscow region at the end of April. By this time the bank is to complete working out terms for giving credits to those who want to buy apartments, and sign agreements with mortgage companies.

Responding to an RBC question she noted that the bank would allocate tens of millions of dollars in this program. The interest rate will depend on the market situation. At the initial stage credits will be given in foreign currency, and later they can be given in rubles, she added.

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