In the first quarter of this year, Azerbaijan Mortgage Fund by the banks - agents issued mortgage loans of 20.7 million manat (minus 24.5% to April 1 last year, when 27.4 million was issued). The reason for the fall in demand is due to real reduction in affordability because of to the devaluation on 21 February.
In March, the AMF agent banks issued mortgage loans worth 6.7 million manat. By 1 April this Fund refinanced loans of 15.4 million manat. According to the Fund, the stock exchange placed bonds worth 3 million manat in Q1.
AMFcreated in December 2005 began to issue mortgage loans in March 2006. Issuance of social mortgage in Azerbaijan was short-lived - from January to July 2007. This segment of the mortgage is financed from the state budget. Its maximum is 50,000 manat at a rate not exceeding 4% per annum.
Mortgage loans on commercial terms are issued in manat and only to citizens of the country. Loans are granted for a period of 3 to 25 years, the maximum loan must not exceed 50 thousand manat at a rate of not more than 8% per annum. --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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