The banks authorized by the Azerbaijan Mortgage Fund (AMF) did not give any mortgage loan in August.
Judging by the Fund's basic indexes, the figures as of June 1 are valid; according to them, 17,997 mortgage loans totaling 730,802,420 manats were granted. That is, in the summer there was stagnation, but since the beginning of the year there has been issued a total of 72 credits in the amount of 1 million 64.9 thousand manats; 15 thousand manats for each request.
The consequences of last year's devaluation are only now being felt. So 2,146 loans totaling 97 million 273.98 thousand manats were issued last year. According to experts, the banking crisis is in the middle and the little benefit mortgage lending (banks' profit is 8% per year) has been postponed indefinitely.
Recall mortgage lending has been introduced in Azerbaijan since 1 January 2006. Concessional lending (4% a year) stopped in July 2007, while lending on the general principles has been permanently frozen since June 1, 2016. --17D-
Economics
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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Azerbaijan has witnessed a significant rise in the average nominal monthly wages of salaried workers, with an 8.3% increase recorded from January to July of this year compared to the same period in 2023. According to data released by the State Statistics Committee, the average nominal monthly salary reached 1,002.4 manats, as the country experiences both economic growth and sectoral shifts.
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.
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