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re: Russian borrowers money woes include their home mortgages
Posted on 12/14/14 at 3:38 pm to I B Freeman
Posted on 12/14/14 at 3:38 pm to I B Freeman
quote:
I suppose they borrowed in dollars because a loan in rubles would have cost a lot more??
You're very astute....especially since I already posted:
quote:
The reason they borrowed the foreign currency was the interest rate on foreign currency loans was MUCH less than if they had borrowed rubles, something like 5% annual interest versus 10% for rubles.
1
Posted on 12/14/14 at 4:07 pm to LSURussian
And the banks offered the different rates because they saw foreign currency as less of a threat of devaluing than the ruble, right?
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