NBA to reduce rates on mortgage credits

Business Materials 21 April 2006 18:26 (UTC +04:00)

National bank of Azerbaijan is planning to revise current 6% rates for mortgage crediting. Trend reports quoting chairman of NBA Elman Rustamov, that the rate is reduced significantly, giving the banks place for maneuvering. Interest rate for mortgage credits issued by agent banks should not exceed 12% and this percentage will remain intact, NBA head said.

Banks-partners of Azerbaijan Mortgage Fund already issued 10 credits to date. Rustamov considers 8-9% annual rates expedient. Banks-partners of Azerbaijan Mortgage Fund are International Bank, Azdemiryolbank, Azerigazbank, Atabank, Bank of Baku, Standard bank, Caucasus development bank, Kochbank-Azerbaijan, Respublika Bank, Unibank, Capitalbank, Nikoilbank, Texnikabank, Turanbank and Khalgbank.