VTB CEO says Russian mortgage rates can approach 8% in 2020

DAVOS, Jan 23 (PRIME) -- Mortgage rates in Russia can fall to 8% in 2020, CEO of the country’s second largest bank VTB Andrei Kostin said on the sidelines of the World Economic Forum in Davos on Thursday.

“Our forecast says that the key rate must fall by about half a percentage point to about 5.75% this year. I think that even then, in this situation, we would achieve the desired 8%, which was set (as a goal) by the president for as far as 2024. I think, this is quite real,” Kostin said,

President Vladimir Putin said in an address to the Federation Assembly, the bicameral parliament, last year that Russia needs to cut the mortgage rate gradually.

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