Banks - agents of the Azerbaijan Mortgage Fund (AMF) in the first quarter gave mortgage loans to 476 citizens. This is minuscule in the circumstances, when tens of thousands of families need housing. The reason is that banks provide loans only to well-paid workers with an official salary of $ 1 thousand or more. The majority of the middle class officially receives small salaries, since employers have double-entry bookkeeping and transfer funds corresponding to minimum wages to the Social Protection Fund.
According to the information on the website of AMF, as of April 1, the total number of mortgage loans amounted to 16,318. In total, since 2006, this segment refinanced loans totaling $ 580 million 730.61 thousand manat. Of these, only 23.7% were social mortgages (137 million 482.9 thousand manat), while the rest of the money (443 million 247.71 thousand manat) was issued on a commercial basis.
AMF created 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 funded from the state budget. Its maximum size is 50,000 manat at a rate not exceeding 4% per annum.
Mortgage loans on commercial terms are given in manat and only to citizens of the country. Loans are granted for a term 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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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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