KIEV, Aug. 23 – Interest rates on mortgage credits in hryvnias given by commercial banks through re-financing by the State Mortgage Institution, could by 2009 fall to 10%, while at present they are around 12%, according to the head of the State Mortgage Institution, Kirill Shevchenko.

"The final credit for borrowers [through the State Mortgage Institution's funds] is around 12% interest over 30 years... We'll try to bring this rate to 10% in hryvnias over the next or one-and-a-half years," he has said on the First Business Channel.