BAKU, Azerbaijan, August 21. Agent banks of the Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) issued mortgage loans worth 279 million manat ($164 million) from January through July 2023, which is 18 percent more year-on-year (235 million manat = $138 million), Trend reports.
According to the Central Bank of Azerbaijan (CBA), MCGF refinanced loans worth 264 million manat ($155 million) in the reporting period, which is 36 percent more year-on-year.
The average size of the issued mortgage loan amounted to about 59,240 manat ($34,847) from January through July 2023. At the same time, loans were issued for a term of 281 months at an average rate of 6 percent per year.
During the reporting period, the MCGF attracted 170 million manat ($99 million) from bond placements (no placements were made in January, February, March, or May).
Moreover, the agent banks of the MCGF issued mortgage loans worth 422 million manat ($248 million) from January through December 2022.