The Azerbaijani Cabinet of Ministers approved the procedure for the calculation of the total monthly income of borrowers on mortgage loans on the basis of standards of Azerbaijan Mortgage Fund.
As stated in the text of the decision №464 of November 16 (http://cabmin.gov.az/?/az/pressreliz/view/2132), the monthly income of entrepreneurs in the field of production and trade is calculated at the rate of up to 20%, and in services - up to 40% of the total turnover. Average figures for this category of borrowers are calculated on the basis of turnover in the last 2 years.
The income of citizens who are not engaged in business include, in addition to salaries, interest on deposits and securities, dividends, income from property rental, and royalties from the use of copyrights and patents. In addition, for both categories of borrowers their pensions, social benefits, insurance and lump-sum payments and so on are considered as income.
Borrowers can pay not more than half of their income to repay mortgage loans. --17D-
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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