Neviolina justified the high interest rate and the reduction of preferred mortgages.
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The Chairman of the Central Bank, Elvira Neviolina, spoke today at the State Duma plenary session. She again drew attention to the problem of preferential mortgages and defended the high interest rate.
Russians don't need affordable mortgages, but affordable housing.
According to the head of the central bank, preferential loans (mainly mortgages) make up 14% of all ruble loans to the economy, or about 19 trillion rubles. "It's basically subsidizing housing construction by increasing demand," she noted. Doubling preferential loan programs is a dead end, both budgetary and in the market, she believes, and the real path to affordable market mortgages lies in low inflation.
Neviolina sees preferential loans as one of the reasons for the high key interest rate, including by increasing credit housing prices and accelerating inflation: "My point of view, those billions to trillions of rubles used in the form of various types of subsidies should be more focused on productivity growth." But this is a government issue, Nabiolina emphasized.
As for the key interest rate itself, which has remained at a high level for the third year, it is justified "from the point of view of the interests of the economy, citizens and businesses". This is a "painful period, but we have no choice," concluded the chairman of the central bank.