Sberbank says Russian cbank sets 2019 toughness world record

MOSCOW, Dec 27 (PRIME) -- The Russian central bank has set an international record of tough policy this year, the country’s biggest lender Sberbank said in a statement on Friday.

“Russia set a world record by toughness of banking regulation in 2019. From the point of view of regulative terms, 2019 was characterized by a further increase of restrictions of the central bank,” Sberbank said.

Restrictions on lending in foreign currencies, including to exporters, on all kinds of consumer lending and on mortgages with a downpayment of less than 20% were introduced in 2019.

“This leadership is not necessarily a positive fact. For instance, mortgage in Russia with an initial payment of less than 20% is weighed with a 200% risk coefficient. No country in the world has ever introduced a higher than 100% mortgage risk coefficient,” Sberbank said.

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