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Mortgage Lending Doubles

Mortgage lending more than doubled in the first half as record-low interest rates and growing incomes boosted demand, Central Bank data show.

The value of ruble-denominated home loans issued in the six months through June rose to 125.9 billion rubles ($30.1 billion), compared with 52.4 billion rubles during the same period last year, the Central Bank said on its web site Tuesday.

A total of 105,609 mortgages were made in the first half at an average rate of 13.5 percent, a decline of 1.1 percentage points from 2009, the Central Bank said.

(Bloomberg)


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