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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The State Oil Company of Azerbaijan (SOCAR) is preparing to sign a major contract with a Pakistani company in the future, signaling strengthened trade and economic cooperation between the two countries.
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Azerbaijan's Minister of Energy, Parviz Shahbazov, chaired the inaugural meeting of the Coordination Council for implementing the "Action Plan for the Phased Introduction of Electricity Market Elements," approved by the Cabinet of Ministers in May this year.
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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