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Russian Considers Banning Hard-Currency Mortgages

The head of the Russian Central Bank says mortgages in hard currency could be banned in the future.

Elvira Nabiullina, speaking to the State Duma on January 30, called the issue "painful" and said state assistance to people who took mortgages from banks in hard currencies must be differentiated from others.

She added that priority for state assistance must be given to low-income families.

Many Russian homeowners with hard-currency mortgages were severely affected by the abrupt decline in the value of the Russian ruble.

The Duma has slated discussion for January 29 on a draft law banning hard-currency mortgages.

Hundreds of people have rallied several times in recent weeks in front of central bank headquarters in Moscow to demand that their hard-currency debts be recalculated in rubles at rates from the time they received their mortgages.

Based on reporting by TASS and Interfax