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Bank mortgage lending increases twofold in Azerbaijan

Finance Materials 27 January 2021 10:27
Bank mortgage lending increases twofold in Azerbaijan

BAKU, Azerbaijan, Jan. 27

By Zeyni Jafarov - Trend:

Azerbaijani banks issued mortgage loans worth 28.8 million manat ($16.9 million) in December 2020, which is by almost twofold more than in the same month of 2019, Trend reports citing the statistics bulletin of the Central Bank of Azerbaijan (CBA).

According to the CBA, mortgage loans issued by banks were refinanced in the amount of 25.4 million manat ($14.9 million) in December 2020, while loans worth 5.2 million manat ($3.05 million) were refinanced in December 2019.

The average monthly amount of loans issued by authorized banks of the Mortgage and Credit Guarantee Fund amounted to 53,026 manat ($31,191) in December 2020, which is the highest indicator for the entire period of the fund's activity. The mentioned figure was equal to 50,821 manat ($29,894) in December 2019.

At the same time, the average loan maturity was 282 months, having increased by one month compared to December 2019. The average annual interest rate was 6.36 percent, while a year earlier - 6.44 percent, and the average monthly payment was estimated at 370.2 manat ($217.8) compared to 355.9 manat ($209.3) in December 2019.

(1 USD = 1.7 AZN on Dec. 26)

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