Baku, Azerbaijan, Jan. 3

By Azad Hasanli – Trend:

In January-November 2018, banks issued loans worth 231.2 million manats through the Azerbaijan Mortgage and Credit Guarantee Fund CJSC, which is 33.95 percent more than in January-November 2017, Trend reports referring to the report of the Central Bank of Azerbaijan (CBA).

In November 2018, banks issued mortgage loans worth 16.7 million manats through the fund.

For eleven months, 100 million manats were transferred from the state budget to the fund in February and September 2018, while 44.7 million manats during eleven months of 2017.

According to the CBA report, in November 2018, the volume of refinancing of loans issued by banks earlier amounted to 20.2 million manats.

The average monthly amount of the loan issued by the fund’s authorized banks was 48,703.8 manats in November 2018 (44,435.6 manats in November 2017). The average period of the loan is 281 months (unchanged compared to November 2017). The average annual interest rate is 6.56 percent (6.64 percent in 2017). The average monthly amount for payments is 344.7 manats (321.7 manats in 2017).

In general, the fund’s authorized lending institutions have issued 25,201 mortgage loans worth over 1.2 billion manats since 2006 and up till now.

The authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC are 25 banks (mortgage lending), 10 banks (credit guarantee), as well as 17 insurance companies and 13 appraisal organizations.

(1.7 manats = $1 on Jan. 3)

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Follow the author on Twitter: @AzadHasanli