BAKU, Azerbaijan, December 26. Azerbaijani Mortgage and Credit Guarantee Fund (MCGF) agent banks granted mortgage loans totaling 436.7 million manat ($256.8 million), from January through November 2023, an increase of 11.79 percent over the previous year (390.6 million manat or $229.7 million), Trend reports.
According to CBA (Central Bank of Azerbaijan) data, the MCGF refinanced loans totaling 452.6 million manat ($266.2 million) during the reporting period, representing a 29.17 percent increase year on year.
Meanwhile, the average mortgage loan size was around 59,765 manat ($35,155). Simultaneously, loans were provided for a duration of 282 months at an average annual rate of 6.34 percent.
From January to November 2023, the fund received 370 million manat ($217.6 million) from bond placements (no placements were held in January, February, March, or May).
To note that, in December 2022, the MCGF's agent banks made mortgage loans totaling 422.7 million manat ($248.6 million).