Azerbaijan Senayye Bank Ready to Borrow Long Term Resources Mortgage

Business Materials 13 September 2008 14:41 (UTC +04:00)

Azerbaijan, Baku, 13 September / Trend corr. I.Khalilova /The Azerbaijan Senayye Bank (ASB), which is united in the Azersun Holding, is ready to extend dwelling financing by 60% by the end of 2008, Hasan Incekara, Managing Chairman of the bank, said on 13 September. According to Incekara, the mortgage portfolio is expected to be increased to AZN 10mln.

So far AZN 6mnl was issued through mortgage programs, and AZN 800,000 via the Azerbaijani Mortgage Fund, which is operating at the National Bank of Azerbaijan.

ASB head sees need in foreign borrowings to continue dwelling financing, as there are enough liquid assets in the bank and it did not face, like many banks, economy crediting problems.

"We use our own resources and therefore, all credits are issued on 2% rate per month within five years. However, if long term resources to be offered, over five years, we will borrow them," said Incekara.

On 13 September, the official currency rate is 0.8155 AZN/USD.

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