OREANDA-NEWS  Shares of Russian developers are losing 4-15% on Monday, according to data from the Moscow Stock Exchange.

By 18.12 Moscow time, Aeroplane's securities were falling by 14.6%, Etalon by 13.6%, LSR by 4%, and Glorax by 9.3%.

At the same time, the Moscow Real Estate Exchange index was falling by 8.3% by 18.14 Moscow time, and the main Moscow Exchange index was losing 4.4%.
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Shares of Cyan, which owns one of Russia's largest online real estate advertising platforms, lost 13.7% amid the dividend cutoff.

Following a meeting of the Board of directors last Friday, the Bank of Russia lowered its key rate for the ninth time in a row, but now only by 0.25 percentage points, to 14.25% per annum. At the same time, many experts expected a more pronounced decline.

The high key rate of the Central Bank of the Russian Federation is traditionally a negative factor for development companies, as they usually have a high debt burden, and their business depends on the level of market mortgage rates, which are key-oriented.