Azerbaijan, Baku, May 22 / Trend , U.Ismayilova/
The Azerbaijani banks will activate a loan policy as a result of resuming mortgage lending, which is expected on June 1, Chairman of the Texnika Bank Supervisory Board Etibar Aliyev said on May 22.
"At present, the Azerbaijani banks put forward different proposal and projects to activate the credit market, but mortgage loaning will be the most important element of the development," Aliyev said.
Aliyev said on June 1, Azerbaijan will resume mortgage lending by the Azerbaijan Mortgage Fund (AMF) at the Central Bank of Azerbaijan (CBA), which had been suspended since the summer of 2007. The loan policy will not undergo significant changes.
The AMF does not comment on the resumption of the mortgage.
The Azerbaijan Mortgage Fund thus far refinanced mortgage loans worth 63.3 million manat issued by authorized banks, which comprises 93 percent of the total mortgage portfolio. In March 2006 to June 2007, when the AMF had active operations on financing the purchase of housing, banks issued mortgage loans worth 67.9 million manats.
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