BAKU, Azerbaijan, October 31. The agent banks of the Mortgage and Credit Guarantee Fund of Azerbaijan have issued mortgage loans worth 290.5 million manat ($170.8 million) from January through September 2022, which is higher by 2.87 percent than in the same period the previous year (282.4 million manat or $166.1 million), Trend reports via Central Bank of Azerbaijan (CBA).
According to the CBA, mortgage loans issued by banks in the amount of 285.2 million manat ($167.7 million) were refinanced in the reporting period, which is 1.31 percent less than in the same period in 2021.
Mortgage and Credit Guarantee Fund received 95.2 million manat ($56 million) from the state budget to finance mortgage loans, which is 2.67 times more than in the same period last year (35.6 million manat or $20.9 million).
The average size of the mortgage loans issued amounted to 56,470 manat ($33,217) from January through September 2022. At the same time, loans were issued for a period of 282 months at an average rate of 6.32 percent per year.
During the reporting period, the Mortgage and Credit Guarantee Fund attracted 205 million manat ($120.5 million) from the placement of bonds (no placements were held in January, May and July).