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The Industry and Trade Ministry proposed almost doubling the price ceiling for car purchases that can be subsidized by the government as it tries to boost vehicle sales.
The plan calls for expanding the subsidy to automobiles manufactured in Russia that cost as much as 600,000 rubles ($19,000), compared with the 350,000 ruble threshold approved in February, the Industry and Trade Ministry said in a statement late Wednesday.
The subsidy will equal two-thirds of the Central Bank's key refinancing rate, seen as the limit for borrowing, which currently stands at 12 percent.
The ministry also proposed applying government aid both to passenger cars and light commercial vehicles, lowering the minimum upfront payment to 15 percent of the total price and giving buyers 36 months to pay back the loan.
As of May 14, Russian banks have received 14,700 requests from borrowers and issued 5,498 car loans.
More Cars May Receive Subsidy
22 May 2009
Bloomberg
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