BAKU, Azerbaijan, June 4
By Eldar Janashvili - Trend:
Azerbaijani banks issued mortgage loans in the amount of 11.5 million manat ($6.7 million) in April 2020, which is over two-fold more compared to the same month in 2019, Trend reports referring to the statistical bulletin of the country’s Central Bank (CBA).
According to the bulletin, in April this year, none of mortgage loans issued by the banks was refinanced, while in April 2019 loans worth 29.5 million manat ($17.3 million) were refinanced.
The average monthly amount of loans issued by authorized banks under Azerbaijan’s Mortgage and Credit Guarantee Fund amounted to 51,493 manat ($30,290) in April 2020 (against 49,942 manat or $29,380 in April 2019), which is the highest figure for the entire operation period of the mortgage fund.
The average loan disbursement term made up 281 months, decreasing by a month compared to the figure for April 2019. The average annual interest rate in April 2020 amounted to 6.42 percent (against 6.51 percent a year earlier), and the average monthly payment - 360.2 manat or $211.8 (against 350.4 manat or $206.1 in April last year).
The Mortgage and Credit Guarantee Fund has been operating in Azerbaijan since 2005.
(1 USD = 1.7 AZN on June 4)
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