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Azerbaijan sees multifold growth in bank mortgage lending

Finance Materials 24 February 2021 16:07
Azerbaijan sees multifold growth in bank mortgage lending

BAKU, Azerbaijan, Feb. 24

By Zeyni Jafarov - Trend:

Azerbaijani banks issued mortgage loans worth 16.9 million manat ($9.9 million) in January 2021, which is by almost 2.8 times more than in the same month of 2020, Trend reports citing the statistical bulletin of the Central Bank of Azerbaijan (CBA).

According to the CBA, in the reporting month mortgage loans issued by banks were refinanced in the amount of 19.9 million manat ($11.7 million), while loans worth 6.2 million manat ($3.6 million) were refinanced in January last year.

Meanwhile, the average monthly amount of loans issued by authorized banks of the Mortgage and Credit Guarantee Fund amounted to 53,059 manat ($31,210), which is the highest indicator for the entire period of the fund's activity. The mentioned figure was equal to 50,825 manat ($29,900) in January 2020.

At the same time, the average loan maturity was 282 months, having increased by one month compared to January 2020. The average annual interest rate was 6.34 percent, while a year earlier - 6.43 percent, and the average monthly payment was estimated at 370.2 manat ($217.8) compared to 355.8 manat ($209.3) in January 2020.

(1 USD = 1.7 AZN on Feb. 24)

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