The Central Bank reports that the Azerbaijan Mortgage Fund (AMF) issued in May 1, 2016 loans worth 1.1 million manats (31.7 times decline against the index for the same date last year). There is a significant difference in figures - according to operative data of the AMF, in January-April 17,995 mortgage loans totaling 730 million 702.42 thousand mantas were issued.
According to the CBA, in January-April AMF refinanced loans for AZN 21.6 million (minus 1.4%). In the same period, the Fund received 14.5 million manats from the state budget for social mortgage.
Recall, in 2015, 2,146 loans totaling 97 million 273.98 thousand mantas were issued, and a year earlier there were 2,275 loans totaling 99 million 927.74 thousand manats, which tends to suggest that mortgage lending receded to the margins of the financial market.
Mortgage lending on the AMF standards began on 1 January 2006 and is divided into commercial mortgages (up to 50,000 manats under 8%) and social mortgage (up to 50,000 manats under 4% per annum).
Social mortgage is issued from the state budget, but 50 million manats annually allocated to the Ministry of Finance has not been absorbed. This year, the President ordered to allocate additional mortgages of 200 million AZN, but at this lending rate, it seems, these funds will also remain unused. --17D-
Economics
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In a strategic move to bolster mechanisms against financial crimes and terrorism financing, Azerbaijan's Deputy Prime Minister, Samir Sharifov, has been appointed as the head of the newly restructured Coordinating Council on Counter-Terrorism Financing and Other Financial Crimes.
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The Chairman of Azerbaijan Railways CJSC, Rovshan Rustamov, and the head of Iranian Railways, Jabbar Ali Zakeri Sardrudi, convened in Tehran during the Joint Azerbaijani–Iranian Intergovernmental Commission meeting to bolster cooperation on the Astara terminals, key nodes in the International North-South Transport Corridor (INSTC). The talks centered on enhancing the operational efficiency and strategic significance of these terminals to facilitate growing cargo volumes between the two nations.
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Azerbaijan is accelerating its transition to green energy through the coordinated efforts of its "Green Energy Zone" task force, which recently held its latest hybrid meeting to review progress and outline future priorities. The Ministry of Energy, reporting on Wednesday’s session, emphasized the task force's central role in implementing the 2022–2026 Socio-Economic Development Strategy, a cornerstone of Azerbaijan’s ambitions for sustainable growth.
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AzerGold, Azerbaijan’s state-owned mining company, is pursuing opportunities for strategic collaboration with Turkish firms in Africa as part of its efforts to expand its presence in the global mining sector. Recent talks between Zakir Ibrahimov, Chairman of the Board of AzerGold CJSC, and Şebnem Cenk, Head of the West and Central Africa Department at Turkey's Ministry of Foreign Affairs, highlighted the potential for a mutually beneficial partnership.
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