President of Azerbaijan approved Azerbaijan’s Mortgage Fund Regulations

Politics Materials 22 December 2005 16:21 (UTC +04:00)

President of Azerbaijan Ilham Aliyev signed on 22 December a Decree on approval of Regulations of the Mortgage Fund under the National Bank of Azerbaijan (NBA), Trend reports.

The Fund’s Regulations and the rules for the loan issuing on the account of the Mortgage Fund are endorsed aimed at establishing the funding mechanism for the Mortgage Fund under NBA.

The National Bank of Azerbaijan is committed with: to approve during 15 days the Mortgage Fund’s structure and the staff list, to submit proposals on the Mortgage Fund privatization and turning it into the Joint Stock Company to the Azerbaijan’s president till the end of 2006, to resolve other issues, arising from the Decree.

The Azerbaijan’s Ministry of Finances is committed with ensuring transfer of funds to the account of the Mortgage Fund from the state budget 2005.

The Cabinet of Ministers of Azerbaijan is charged with: to define in the month’s period the mechanism of allocating the mortgage credits on state preferences and to approve the rules for using these preferences, to resolve other issues arising from the given Decree within their competency.

The decree is effective from the moment of its signing.