The volume of lending by the Azerbaijan Mortgage Fund (AMF) fell by 15.8 million AZN or 14% to 97.1 million manat last year, compared to a year before.
According to the Central Bank (CBA), in December AMF agent banks gave mortgage loans in the amount of 8.5 million manat and also refinanced loans amounting to 126.4 million manat (+ 45.4%).
In 2014, the AMF placed bonds worth 40 million AZN and received from the state budget 40 million manat to finance social mortgage. Expectations for this year are 50 million manat.
AMF created in late 2005 began to issue mortgage loans in March 2006. Social mortgage inefficient and unprofitable for banks was issued in 2007 for six months.
Commercial mortgage resumed from June 1, 2009 through 28 agent banks. This kind of loans are issued to citizens of the country in manat at the expense of funds raised from the issue of the Fund's own bonds. Loans are granted for a term of 3 to 25 years, the maximum loan must not exceed 50 thousand manat, and a loan is granted at a rate of no more than 8% per annum.
Social mortgage, the maximum size of which is 50 thousand manat at a rate not exceeding 4% per annum, is financed from the state budget. --17D-
Economics
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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.
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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.
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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.
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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.
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