BAKU, Azerbaijan, November 4. The development of the mortgage lending system, increasing the provision of housing to the population - is one of the most important socio-economic tasks of the state, Director of the Treasury Department of the Mortgage and Credit Guarantee Fund (IKGF) of Azerbaijan Ilhama Isabalayeva told Trend.
According to her, in addition to social significance, mortgage lending has a great impact on ensuring the macroeconomic stability, sustainable economic development and ensuring employment.
"Thus, mortgage lending stimulates the proper functioning of the construction and related sectors of the economy, activates the banking system and the stock market, slows the inflation down, increases investment activity as well as social and economic stability of the society," Isabalayeva said.
She stressed that the development of mortgage lending impacts a whole range of different factors, among which economic and legal factors are especially significant.
"Among economic factors, affecting the development of mortgage lending, ensuring the macroeconomic stability is of particular importance, including the inflation rate, the stability of national currency, the level of income of the population, which determines its solvency. The degree of development of the financial system, the level of economic literacy of the population and etc. are also very important. Legal factors affecting the development of the mortgage lending system are determined by the general state of the legal environment of the society," Isabalayeva added.