A decision on reducing the quotation rate of the Azerbaijani Mortgage Fund (AMF) is expected to be taken during the nearest meeting of the Board of the National Bank of Azerbaijan, Faig Mammadov, Executive Director of AMF told during the meeting of the Caspian Integration and Business Club today, Trend reports.
Today, AMF`s quotation rate is 6%. According to Mr. Mammadov, the main aim of this reduction of the rate is to expand the system of refinancing of mortgage credits.
The quotation rate is a symbolic rate, but taking into account the market requirements and population needs, there is really a need to reduce it, as a result of that, the average rate on mortgage credits might be reduced as well, he said.
At present, the minimum rate on mortgage credits is 8% per annum, the maximum one is 12%.
Mr. Mammadov thinks that the rate of mortgage credits in Azerbaijan is lower than in other countries. For example, Russia's lowest rate is 11.5%, Kazakhstan's 10% (social hypothec), Uzbekistan's and Kyrgyzstan's 14%, Ukraine`s 12%.