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Russian foreign currency mortgage holders cry foul over soaring rates

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Russian foreign currency mortgage holders cry foul over soaring rates

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The collapse of Russia’s rouble has triggered protests by people trapped in dollar-dominated mortgages.

On Sunday, members of the Russian Foreign Currency Borrowers’ Community appeared among crowds in Moscow’s Red Square wearing t-shirts emblazoned with the phrase “Slave of foreign currency mortgage.”

Police detained dozens of demonstrators who called on the government to act.

“They will throw us away and where will we live? There is no other place, we have no relatives, there’s no way out,” cried one woman.

The rouble dropped dramatically in 2014, in reaction to a fall in oil prices and economic sanctions, almost doubling mortgage debts.

It is reported the Russian Central bank plans to provide 4.5 billion roubles to help people pay off mortgages in foreign currency But it is thought only 2,000 people will be eligible although some 20,000 hold dollar-dominated mortgages.