Azerbaijan Mortgage Fund (AMF) in January this year allocated 4.2 million manat (+800,000 or +23.5% from the previous year) to banks - agents under a special lending.
In addition, as stated in the report of the Central Bank (CBA), the AMF in January refinanced loans worth 5 million manat. In the same month, it placed bonds worth 3 million manat.
Mortgage Fund in March 2006 began to issue loans. Issuance of social mortgage in Azerbaijan began in 2007 and lasted for 6 months.
Mortgage loans on commercial terms are given in manat and only to Azerbaijani citizens. Loans are granted for a term of 3 to 25 years, the maximum loan must not exceed 50 thousand manat, and a loan is granted at a rate of no more than 8% per annum.
Funded from the state budget is only social mortgage. Its maximum size is 50 thousand manat at a rate not more than 4% per annum.
In 2014 banks - agents of AMF issued loans amounting to 97.1 million manat, which is 14% less than the record (110,700,000. Manat) index of 2013. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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