By 1May , banks-agents of the Azerbaijan Mortgage Fund (AMF) issued 34.9 million manats for the purpose of housing loans. According to the AP report, the Central Bank (CBA), is 16.9% or 7.1 million less than in the same period last year.
Of this amount, the AMF refinanced loans amounting to 21.9 million manats. In January-April, the fund received from the state budget 9.2 million manat to finance social mortgage.
AMF mortgage lending started in March 2006. Issuance of social mortgage lasted from January to July 2007, then ceased to be relevant for banks. Its maximum 50,000 manat at a rate of not more than 4% per annum.
Mortgage loans on commercial terms are issued in manat only to citizens of the country for a period of 3 to 25 years, the maximum loan must not exceed 50,000 manat at a rate of not more than 8% per annum.
Last year the banks-agents of AMF issued loans by 97.1 million AZN, which is 14% less than in 2013. It does not mean that the number of people in need of hosing has lessened. Getting a mortgage entails paperwork, need formal high salary (starting form 1,000 manat) and a high percentage of pre-payment. After the February devaluation of the manat to the population, it is not beneficial to apply to banks. --17D-
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review