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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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