Borrowers will be given credit holidays until October

Until September 30, Russians will be able to take credit holidays if their income has decreased over the previous month by at least 30% compared to the average monthly last year. During the holidays, fines and penalties will not be charged, and banks will not be able to demand early payments from borrowers.

The day before, on March 2, the Federation Council adopted a law that provides for the measures announced by Russian President Vladimir Putin to support the population and the economy in the context of the COVID-19 pandemic.

According to the document, citizens, individual entrepreneurs, small and medium-sized enterprises that find themselves in a difficult life situation or affected by the pandemic will be able to use the right to vacation.

Speaker of the Federation Council Valentina Matviyenko pointed out that the law would not affect the financial stability of banks, despite the fears of a number of credit institutions.

Meanwhile, banks are raising interest rates on loans. So, Sberbank and VTB raised rates to almost 30%. Before that, VTB raised the mortgage rate - the minimum is now 15.3%. Sberbank increased the figure to 18.6%. The maximum yield in these banks on ruble deposits increased to 18%.