BAKU, Azerbaijan, March 31. The volume of mortgage loans issued by agent banks of Azerbaijan’s Mortgage and Credit Guarantee Fund decreased from January through February 2023, Trend reports via Central Bank of Azerbaijan (CBA).
According to the CBA, this figure amounted to 42.5 million manat ($25 million), down by 24.15 percent compared to the first two months in 2022 (13.5 million manat or $7.9 million).
From January through February this year, the Mortgage and Credit Guarantee Fund refinanced loans for an amount of 70.1 million manat ($41.2 million), which is a decrease of 75.25 percent on annual basis.
In the reporting period, the average size of the mortgage loans issued amounted to nearly 58,280 manat ($34,280). At the same time, loans were issued for 282 months at an average rate of 6.34 percent per year.
Meanwhile, the Mortgage and Credit Guarantee Fund didn’t place bonds.
The fund’s agent banks issued mortgage loans in the amount of 422.7 million manat ($248.6 million) in 2022.
The Mortgage and Credit Guarantee Fund was established by the decree of the President of Azerbaijan Ilham Aliyev in 2017 through the reorganization and merger of Azerbaijan Mortgage Fund OJSC and Azerbaijan Credit Guarantee Fund OJSC.