VTB intends to reduce mortgage rates to 8% over year and half – Kostin

TASS Russian News Agency | Sep 13, 2019 at 11:28 AM

SOCHI, September 13. / TASS /. VTB expects to reduce mortgage rates to 8% per annum within 1-1.5 years, said the head of the state bank Andrei Kostin at the ADB forum "Banks of Russia - XXI Century" on Friday.

"8% - we are aimed at this figure in order to reach within a year - one and a half. It is ahead of the deadlines that the president set," he said.

At the end of February, Russian President Vladimir Putin instructed the Government of the Russian Federation and the Central Bank to take measures to reduce the mortgage loan rate to 8% per annum and below. As the Kremlin press service reported, the head of state gave an order as part of the implementation of the address to the Federal Assembly.