BAKU, Azerbaijan, March 6. The agent banks of Azerbaijan's Mortgage and Credit Guarantee Fund (MCGF) issued a record number of 5,600 mortgage loans in 2023, the report of the Azerbaijani Cabinet of Ministers says, Trend reports.
According to the information, the figure at the end of 2023 surpasses the figure at the end of 2022 by 1.8 percent.
The document shows that last year 3,900 ordinary, and 1,700 preferential mortgage loans were issued.
Meanwhile, according to the Central Bank of Azerbaijan, agent banks of the MCGF in 2023 issued mortgage loans worth 461.4 million manat ($271.3 million), which is 9.17 percent more than in 2022.
The MCGF refinanced loans worth 492 million manat ($289.3 million) during the reporting period, an increase of 20.95 percent compared to 2022.
The average value of the issued mortgage loan amounted to about 59,872 manat ($35,205) in 2023. At the same time, the loans were issued for a term of 282 months at an average rate of 6.34 percent per year.
To note, during the reporting period, the MCGF attracted 450 million manat ($264.5 million) from bond placements (no placements were made in January, February, March, and May).
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