As of July 1 the Azerbaijan Mortgage Fund (AMF) through authorized banks issued 17,997 mortgage loans totaling 730 million 802.42 thousand AZN. The same indicators were at the beginning of June, that is, in the past month, none of the potential borrowers received a credit for housing. In May, 2 loans of 50,000 AZN each were granted. In April 2 loans were issued in the amount of 93.02 thousand AZN.
Recall, last year was more effective for borrowers - 2,146 loans totaling 97 million 273.98 thousand AZN were issued.
Housing loans have been issued by the AMF since 2006. Social loans (up to 50,000 AZN, under 4% per annum) have been virtually absent since the second half of 2007. Now inhibited is the issuance of commercial mortgage loans (up to 50,000 AZN under 8% per annum). The reason is the lack of benefits from these loans for the authorized financial institutions. They earn more from consumer (20% to 40% per year) and business (12% to 18%) credits. --17D-
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review