The Bank of Russia recommended converting foreign currency mortgages at the rate of 76 rubles per dollar and 86 rubles per euro

The Central Bank of Russia issued recommendations for banks on converting foreign currency mortgages into rubles. The regulator said in a statement that for borrowers who applied for mortgage conversion before May 31, 2022, it is recommended to apply the exchange rate set by the Central Bank on February 18.

As of February 18, 2022, the official dollar exchange rate was 75.7527 rubles, the euro exchange rate was 86.1308 rubles.

When converting mortgage loans, the Bank of Russia offers, first of all, to deal with the following loans for the purchase of real estate:

• the balance of the debt for which as of February 1, 2022 did not exceed 150 thousand US dollars or an equivalent amount in another currency at the official exchange rate on the same date;
• the loan was issued before February 22, 2022 for the purchase of residential premises, this housing is the only one owned by the borrower in Russia;
• overdue debt at the time of the borrower's application does not exceed 120 days.

According to the Central Bank, 60% of the total number of mortgage loans issued in foreign currency fall under these criteria.