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
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In a significant step towards advancing economic reforms, Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with a delegation led by Charles Donald, Chair of the OECD Working Party on State Ownership and Privatisation Practices and CEO of the UK Government Investments Agency. The meeting underscored Azerbaijan's partnership with the Organisation for Economic Co-operation and Development (OECD) and explored new avenues of collaboration.
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Azerbaijan is finalizing work on the "E-KOB evi" digital portal, aimed at streamlining business operations and enhancing coordination between entrepreneurs, state agencies, and private entities, Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), said.
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On December 3, Azerbaijan's Cabinet of Ministers approved new regulations requiring small electric transport vehicle operators to provide detailed data on vehicle use and operator information to government systems, effective immediately.
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In November 2024, the State Oil Fund of Azerbaijan (SOFAZ) sold $574.6 million, pushing the total dollar sales for the first 11 months of the year to $6.5 billion. According to SOFAZ, this represents a 40.8% increase compared to November 2023, when sales reached $339.9 million.
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