Cbank recommends FX mtge loan conversion as of Feb 18 ruble rate

MOSCOW, Mar 28 (PRIME) -- The central bank has recommended that the Russian banks convert mortgage loans from foreign currency into rubles using the official ruble rate as of February 18 until May 31, the regulator said in a statement on Monday.

The banks should first look into loans with outstanding debt of no more than U.S. $150,000 as of February 1 or an equivalent in any other currency. The loan should be issued before February 22 for a purchase of housing that is the only housing owned by the borrower, and the overdue should not exceed 120 days.

About 60% of all foreign currency mortgage loans fall under the criteria, the regulator said.

End %%md/jst%%