Azerbaijan, Baku, Aug.1 / Trend N.Ismayilova /
Assets of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan increased by 47.3 percent in 2008 and amounted to 68.89 million manat as for Jan.1, 2009, the fund said.
The Audit Company Baker Tilly Azerbaijan made an auditor's conclusion on financing report concerning the Fund's activities.
The fund's loan portfolio increased by 30.5 percent and amounted to 59.5 million manat in the report period. The fund's net income was 143,600 manat and undivided income was 798,400 manat. The fund's income amounted to 1,314 million manat and 1,298 million manat of incomes fell to interest yields in the report period. The fund's obligations amounted to 88,500 manat for early 2009.
Due to resuming mortgage loans in 2009, 23 banks authorized by the AMF were approved. The 2008 public budget of Azerbaijan envisages 34 million manat to finance the fund, some 22 million manat of this amount was issued to banks' refinanancing.
The 2005-2009 public budget of Azerbaijan envisages 94 million manat for mortgage loans through the Mortgage Fund, with over 75.8 million manat distributed through banks. Moreover, the bank issued 55,000 bonds with a nominal value of 1,000 for each. The total volume of emission is 55 million manat and 25 million of these were sold. Full placing of the emission will enable to issue about 1,100 mortgage loans.
On Aug.1, the official exchange rate is 0.8043 manat to $1.
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