Virtually No Mortgages in Azerbaijan
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
-
Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
-
Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
-
Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
-
Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
Leave a review