As of November 1 the Azerbaijan Mortgage Fund (AMF) issued a total of 17,997 mortgage loans totaling 730 million 802.42 thousand manat.
The same indicators were at the beginning of June, that is, in the last five months no housing mortgage loan was issued. Two loans of 2,500 manat each were issued in May. In April two loans were issued in the amount of 93.02 thousand manat.
Recall, last year was more effective for borrowers – 2,146 loans totaling 97 million 273.98 thousand manat were issued.
Housing loans have been issued by the AMF since 2006, but the social segment (up to 50,000 manat under 4% per annum) has been virtually absent from the second half of 2007. Now the issuance of commercial mortgage loans (up to 50,000 manat under 8% per annum) is inhibited.
The reason is the lack of benefits from mortgage lending for the authorized financial institutions. They earn more from consumer (20 to 40% per year) and business (12 to 18%) credits. --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review