Total assets of Azerbaijan's Mortgage and Credit Guarantee Fund revealed
BAKU, Azerbaijan, Nov. 30
By Zeyni Jafarov - Trend:
The total assets of the Mortgage and Credit Guarantee Fund of Azerbaijan, since the time of its creation, amounted to 1.8 billion manat ($1.05 billion), and capital - 822 million manat ($483.5 million), Rahman Hummatov, Deputy Chairman of the fund’s Board, said, Trend reports.
Hummatov made the remark at an online conference of the Mortgage and Credit Guarantee Fund of Azerbaijan related to mechanisms for rental housing.
The deputy chairman noted that the fund hasn’t recorded a loss for the entire period of its existence, adding that 95 percent in the corporate securities market accounts for the fund’s bonds.
“Electronic system operates under the fund. The development of the system was started in 2011, and the beginning of receiving applications from citizens for obtaining rental housing fell on the beginning of March 2020. At the moment, over 90,000 active "cabinets" have been registered on the website of the Mortgage and Credit Guarantee Fund of Azerbaijan,” he said.
“If at the initial stage of creating the fund we were studying the experience of neighboring countries, then today we see that a number of CIS countries, especially Kazakhstan and Kyrgyzstan, are interested in some of our standards,” Hummatov added.
In October 2020, Azerbaijani banks issued mortgage loans worth 27.1 million manat ($15.9 million), which is almost 3 times more than in the same month of 2019.
(1 USD = 1.7 manat on Nov. 30)