The authorized banks of the Azerbaijan Mortgage Fund (AMF) issued mortgage loans of 3.92 million AZN in June 2012, which was half the May figure.
According to the AMF, in the reported month, the fund refinanced 11.31 million manat compared to 6.62 million manats a month earlier. The total amount of refinancing has amounted to 44.46 million manat this year.
Since 2006 the Fund has issued mortgages worth 380.28 million manat, including 34.84 million manat this year. Of these, 41% were persons aged 18-29 years, 31% - aged 30-35 years and the remaining 28% - aged 36 years or more.
Today, the state finances social mortgage, to meet the needs of which the state budget annually allocates 20 million manat. The Fund has received the money in full.
Commercial mortgages are financed through the issuance of bonds of AMF. For this purpose, in 2009-2012 the Fund floated four issues of AZN 55 million, 75 million, 60 million, and 20 million each. In December last year the prospectus of registered non-documentary bonds worth 30 million manat passed state registration. To date, the fund has floated bonds totaling AZN 20 million from the last issue.
Mortgage loans are issued to citizens of Azerbaijan of up to 50,000 manat for a period of 25 years at a rate not exceeding 8% per annum. Concession loans are up to 35,000 manat for a period of 30 years at a rate of 4% per annum. - 15V -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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