BAKU, Azerbaijan, Aug. 27
By Eldar Janashvili - Trend:
Azerbaijani banks issued mortgage loans in the amount of 38.6 million manats ($22.7 million) in July 2020, which is 5 times more compared to June 2019, Trend reports citing the statistical bulletin of the Central Bank of Azerbaijan (CBA).
In the reporting month, 17 million manats ($10 million) worth of mortgage loans issued by the country’s banks were refunded, while in July 2019, the number of refunded mortgage loans was 14 million manats ($8.2 million), said the report.
The average monthly amount of loans issued by authorized banks of Azerbaijan Mortgage and Credit Guarantee Fund made up 52,100 manats ($30,650), which is the highest indicator for the fund’s entire activity in the country. In July 2019, the average monthly amount of issued loans was 50,266 manats ($29,570).
“The average term for loan repayment was 282 months, increasing by a month compared to the indicator for July 2019. The average annual interest rate in July 2020 amounted to 6.41 percent, while a year earlier this figure was 6.49 percent. Meanwhile, the average monthly payment was 364.1 manat ($214.1 million), and in July 2019 – 362.3 manat ($213.1),” added the report.
($1 USD = 1.7 manat on Aug. 27)
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