The Russian bank will lend out money in yens
18 January 2008Bank of Moscow has declared launch of the program of mortgage lending in Japanese yens. For the nearest three months they are going to lend out for the sum of 30-35 million dollars, declared the managing director of Bank of Moscow Alla Tsytovich. The crediting rate will make six interests per annum.
Under this program the bank has already drawn the long-term financing in one of the Japanese banks. At that officials in the Bank of Moscow emphasize, that the rate of yen frequently varies in the world market, therefore the Russians, who would dare to take the credit in this currency, risk to have significant losses. An experiment can be considered successful, if the bank manages to lend out money for 100 million dollars.
The Bank of Moscow belongs to ten largest banks of Russia. It has already launched the program of mortgage lending in Swiss francs. For 2007 the volume of the program has increased three times and makes 30 percents from the general portfolio of bank’s mortgage credits.
The largest shareholders of Bank of Moscow are the capital government and “Moscow insurance company”, controlled by the government of Moscow.
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