The Ministry of Agriculture announced the suspension of the issuance of rural mortgages due to the key rate
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Banks have temporarily suspended the issuance of preferential mortgage loans under the Rural Mortgage program of the Ministry of Agriculture. IN press release The department says that the measure was taken due to an increase in the key rate to 12% and in order to “prevent exceeding the adjusted limits of budget obligations.”
The press service of the Ministry of Agriculture clarified that the issuance of loans will resume “after a change in the economic situation.” The Rural Mortgage program involves Rosselkhozbank (rate 0.1%), banks Center-Invest (2.75%), Kuban Credit (3%) and RNCB (3%).
Since 2020, the Ministry of Agriculture has been implementing the Rural Mortgage program, which allows obtaining a preferential mortgage loan for the purchase and construction of housing at a rate of 0.1% to 3% per annum. According to the ministry, the program has helped improve the living conditions of 120,000 families over the entire period of its implementation.
August 15 Central Bank raised key rate from 8.5% to 12% per annum. The regulator explained this decision with the intention to limit the risks to price stability against the backdrop of a depreciation of the ruble.
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