Russia cuts state-backed mortgage rates, expands plans According to Reuters

© Reuters. FILE PHOTO: Russian Prime Minister Mikhail Mishustin attends a session of the State Duma, lower house, in Moscow, Russia April 7, 2022. Sputnik / Alexander Astafyev / Pool via REUTERS

(Reuters) – Russian Prime Minister Mikhail Mishustin signed a decree cutting state-backed mortgage rates and extending the program, part of broader measures aimed at stimulating economic growth.

Russia is grappling with the fallout from Western sanctions over what Moscow calls a special military operation in Ukraine aimed at demilitarizing the neighboring country and removing anti-Russian extremism. .

The government says the state-backed mortgage lending scheme that has helped support the construction boom in Russia will expire on July 1. It will now run until the end of 2022 and rates will be cut fell to 9% from 12%, the government said. Sunday.

The move will make homes more affordable for Russian families, the Russian government said, and support the construction industry.

Russia’s economy is expected to shrink about 8-10% this year, according to forecasts from the central bank, which on Friday cut its key interest rate to 14% in a stronger-than-expected move. ants.

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