ST. PETERSBURG, 4 July. /TASS/ . The Governor of the Bank of Russia, Elvira Nabiullina, has spoken about the possibility of reducing mortgage rates in an address to journalists at the International Financial Congress 2019.
“It’s definitely a possibility (decreasing mortgage rates: note by TASS). In order to do so, it will be necessary to reduce and maintain inflation at a rate of 4%. Under those conditions, and provided it’s done on a permanent basis, we are of the view that mortgage rates could be set at around 7–8%, as the president has set out in a decree,” said Ms. Nabiullina.
She emphasised that much depends on the risks in the construction sector.
“Changes are going to be taking place in that market and as a result, efficient construction companies will snap up the work that inefficient companies aren’t able to take on,” she noted.