"The Cabinet is taking stock of opportunities to use pension accumulations for mortgage loans, which are among the most reliable and lucrative investments," replied Alexander Zhukov, Deputy Prime Minister.
"Such investment, however, is possible only if the preservation of pension accumulations is firmly guaranteed," President Putin significantly added.
He called the Cabinet to be extremely circumspect about drawing on the Stabilization Fund-the available housing program will be no success with high inflation rates as the involvement of Stabilization Fund money may send the inflation galloping, warned the President.
True, banking mortgage crediting rates are high enough, at an average 15 per cent-but then, the national inflation rate has come close to 12 per cent, with a mere 3 per cent scissors, he went on.
Proceeding from that, the President warned the Cabinet against headlong moves in its economic policies. "The state ought to pursue circumspect and steady economic policies," he stressed.
