As of September 1 by the Azerbaijan Mortgage Fund (AMF) authorized banks on a national scale in the aggregate issued 17,997 mortgage loans totaling 730 million 802.42 thousand AZN.
The same indicators were at the beginning of June and in September. None of the potential borrowers received a credit for housing, and only 22 loans of an average of 50,000 AZN were granted from January to June.
Recall, last year was more effective for borrowers - on its results 2,146 loans totaling 97 million 273.98 thousand AZN were issued.
Housing loans have been issued by AMF since 2006, and the social segment (up to 50,000 AZN under 4% per annum) has been virtually absent from the second half of 2007. Now the issuance of commercial mortgage loans (up to 50,000 AZN under 8% per annum) is inhibited.
The reason is the lack of benefits for authorized financial institutions from loans. They earn more in consumer loans (20 to 40% per year) and business loans (12 to 18%).
Recall, as of September 1 the Mortgage Fund received 32.4 million AZN of budget funds for the issuance of social mortgage. --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review