According to the Azerbaijan Mortgage Fund (AMF), by May 1, 2016, 17,995 mortgage loans totaling 730 million 702.42 thousand manat were issued. A month before (by April 1) 17,993 loans of 730 million 608.4 thousand manat were granted. That is to say, only 2 credits amounting to 94.02 thousand manat were issued in April.
Recall, as little (only 3 credits) were issued as part of the housing mortgage in March. For comparison, 359 loans worth 15 million 464.67 thousand manat were issued in March last year, which means stagnation in the segment due to the financial insolvency of the banks - AMF partners.
Over the past year 2,146 loans totaling 97 million 273.98 thousand manat were issued, and a year earlier the number was 2,275 loans totaling 99 million 927.74 thousand manat.
Mortgage lending on the AMF standards began on 1 January 2006 and it is divided into commercial mortgages (up to 50,000 manat under 8%) and social mortgage (up to 50,000 manat under 4% per annum).
Social mortgage is issued from the state budget, but the 50 million manat annually allocated by the Ministry of Finance was not absorbed. This year, the President ordered to allocate additional 200 million AZN for mortgages, but at this rate of the lending, it seems, these funds will not be in demand, either. --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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