BAKU, Azerbaijan, April 29. Agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued mortgage loans worth four million manat, or $2.35 million, from January through March 2024, which is 3.6 percent more than in the same period of 2023, Trend reports.
According to the Central Bank of Azerbaijan (CBA), MCGF refinanced loans of 70.6 million manat ($41.52 million) during the reporting period, which is 26.84 percent less than the same period in 2023.
During the reporting period, the average size of the issued mortgage loan was around 61,520 manat, or $36,188 in the current year. Loans were given for 281.5 months at an average annual interest rate of 6.34 percent.
MCGF raised 140 million manat, or $82.35 million, through bond placements during the reporting period.
To note, MCGF agent banks issued mortgage loans worth 461.41 million manat, or $271.4 million, in 2023.