Authorized banks of Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan, issued during the nine months of this year, loans of 46.2 million manat, which is 26.7 million or 36.6% less than in January-September 2011.
According to the Central Bank of Azerbaijan, the average lending rate first year increased by 0.12 percentage points, to 7.03%. The average credit period reached 278 months.
The average for the monthly payment increased by 6% to 319.6 manat, the same indicator for the amount of loans fell by 1.5% to 38.79 thousand manats.
AMF agents are 27 local banks. Mortgage loans are given to Azerbaijani citizens in up to 50,000 manat for up to 25 years at a rate not higher than 8%. Concession loans are up to 35,000 manat for up to 30 years at a rate of up to 4% per annum. - 15V -
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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