Azerbaijan sees decline in mortgage lending

Finance Materials 25 August 2021 16:27 (UTC +04:00)
Azerbaijan sees decline in mortgage lending

BAKU, Azerbaijan, Aug.25

By Zeyni Jafarov - Trend:

The volume of mortgage loans issued by Azerbaijani banks in July 2021 has decreased, Trend reports citing the statistical bulletin of the Central Bank of Azerbaijan (CBA).

According to the CBA, this amounted to 27.1 million manat ($15.9 million), which is by 29.8 percent less than in July 2020.

Mortgage loans issued by banks in the amount of 27.4 million manat ($16.1 million) were refinanced in July of this year.

Meanwhile, the average monthly amount of loans issued by authorized banks of the Mortgage and Credit Guarantee Fund amounted to over 54,476 manat or $32,040 (against 52,100 manat or $30,650 in July 2020), which is the highest indicator for the entire period of its work.

The average maturity of loans was 282 months, remaining unchanged compared to July 2020.

The average annual interest rate was 6.32 percent compared to 6.41 percent a year earlier while the average monthly payment was 381.5 manat or $224.4 (364.1 manat or $214.1 in July of last year).

(1 USD = 1.7 AZN on Aug.25)


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