Affordable mortgages and a stable ruble are possible only with low inflation - Nabiolina.
A high key interest rate remains a necessary means of curbing inflation, and future reductions will make borrowing more accessible, including mortgages. This is what the head of the Bank of Russia said in a speech in the State Duma. According to her, the painful period of high tariffs is justified by the long-term interests of the economy and the citizens.
What else did Nabiolina say:
- The current fluctuations in the exchange rate of the ruble, considering the sanctions and external circumstances, are not excessive;.
- Russia should create its own conditions for reasonable loans, replace low global inflation and moderate foreign rates with domestic rates;.
- Further expansion of preferential loans is a dead end. Such programs should be targeted, and market mortgages should be accessible to all.
- During the last 12 months, banks issued mortgage loans worth ₽5.4 trillion, the increase in the portfolio amounted to ₽2.5 trillion.
- The profit of the real sector reached 25 trillion ₽, investments are 1/4 higher than the level of 5 years ago, but labor productivity increased by only 5%;.
- The central bank especially softened the banking regulations in order to stimulate loans for projects to protect organizations and infrastructures from UAV attacks.