Muscovites With Dollar Mortgages Protest Outside SocGen Bank
This article is for subscribers only.
Customers protested outside Societe Generale SA’s DeltaCredit Bank in Moscow today, demanding relief from the rising cost of repaying home loans taken out in dollars.
About 20 people gathered outside the bank off Mokhovaya Street near the Kremlin. Most said they took out dollar mortgages before the 2008 financial crisis when foreign lenders were offering attractive rates and the greenback fetched about 25 rubles. With the rate now at about 60, such loans are costing Russians more than twice as much in rubles.