Russian Industrial Head Warns of Looming Economic Catastrophe “Most enterprises in Russia will go bankrupt,” said Chemezov, head of the largest state-owned industrial holding, Rostec. He attributes this to the sharp rise in loan rates, which “consume” profits and hinder investment. By November 1st, the Russian Central Bank is expected to implement its 7th consecutive rate rise, bringing it to 21%. With rates on track to match those of the 1990s, not only is the corporate sector facing headwinds, but fear is growing that mortgage rates of 25%-50% are likely to crush the already over-leveraged Russian housing market. In a special announcement earlier this week, Russia’s largest mortgage issuer, Sberbank, said that the minimum rate on mortgages is now 24.6%.
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Russian Industrial Head Warns of Looming Economic Catastrophe
“Most enterprises in Russia will go bankrupt,” said Chemezov, head of the largest state-owned industrial holding, Rostec.
He attributes this to the sharp rise in loan rates, which “consume” profits and hinder investment.
By November 1st, the Russian Central Bank is expected to implement its 7th consecutive rate rise, bringing it to 21%.
With rates on track to match those of the 1990s, not only is the corporate sector facing headwinds, but fear is growing that mortgage rates of 25%-50% are likely to crush the already over-leveraged Russian housing market.
In a special announcement earlier this week, Russia’s largest mortgage issuer, Sberbank, said that the minimum rate on mortgages is now 24.6%.