MOSCOW, December 19 (RAPSI) – A bill aimed at halting mortgage rates increase amid rouble crisis could be submitted soon to the lower house of parliament, or the State Duma, according to Oleg Nilov, a lawmaker for the Just Russia party, RIA Novosti reported on Friday, citing Oleg Nilov, a lawmaker for the Just Russia party.

During his annual news conference on Wednesday, President Vladimir Putin expressed hope that Russian banks would not increase mortgage rates too aggressively and urged the Central Bank and the government to consider tools to support mortgage programs.

On Monday, the ruble rate took the biggest plunge on the currency exchange since the default of 1998. Late that night, the Central Bank increased the key interest rate from 10.5 percent to 17 percent, explaining the decision by the rapidly increasing devaluation and inflation risks. But the ruble continued to plunge on Tuesday, with the euro soaring by 27.7 percent to 100.74 rubles and the dollar jumping 24.3 percent to 80.10 rubles.

The Central Bank’s decision to increase the key interest rate will increase the cost of mortgages and affect individual borrowers. Russian banks are reviewing their interest rates, and the majority of large banks have raised their interest rates on ruble and foreign currency deposits. However, they have not yet made official statements on increasing their mortgage interest rates.