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
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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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