Mortgage lending via state line in Azerbaijan up
BAKU, Azerbaijan, Sept. 25
By Fidan Babayeva - Trend:
The Azerbaijan Mortgage and Credit Guarantee Fund issued mortgage loans worth 157.8 million manat ($92.8 million) from January through August 2020, which is 40.3 percent more compared to the same period of 2019, Trend reports with reference to the Central Bank of Azerbaijan (CBA).
During the reporting period, the number of loans refinanced by the fund decreased by almost 2.6 times compared to last year and amounted to 64.9 million manat ($36.1 million), and during the reporting period, funds allocated from the state budget of the ICGF increased by 3.6 times and amounted to 143.4 million manat ($84.3 million).
In the past eight months of 2020, the portfolio of mortgage loans of the Azerbaijani banks increased by 7.2 percent or up to 1.9 billion manat ($1.1 billion), which is 13.4 percent of the total loan portfolio of banks. At the same time, in August, the portfolio of mortgage loans issued increased by 22.4 million manat ($13.1 billion).
(1 USD = 1.7 AZN on Sept. 25)
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