Decrease in volume of commercial mortgages in Azerbaijan is due to preparation of a new strategy

Business Materials 8 May 2012 19:51 (UTC +04:00)

Azerbaijan, Baku, May 8 /Trend A.Akhundov/

Revision of the conditions of mortgage lending in Azerbaijan is carried out in parallel with the preparation of a new mortgage program, chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters on Tuesday.

"Preparation of a new mortgage strategy is in its final stage and I think that we will complete it this month" Rustamov said.

Rustamov added that Strategy will be presented to the government after the consultation with relevant agencies.

"Currently, preferential mortgage lending continues in the country and commercial lending volumes have decreased, which is associated with the preparation of the new strategy," Rustamov said.