BAKU, Azerbaijan, July 2
By Eldar Janashvili - Trend:
Azerbaijani banks issued mortgage loans in the amount of 8.6 million manat ($5 million) in May 2020, which is 2.3 times lower compared to May 2019, Trend reports citing the statistical bulletin of the Central Bank of Azerbaijan (CBA).
In the reporting month, 5.3 million manat ($3.1 million) worth of mortgage loans issued by the country’s banks were refunded, said the report.
In May 2019, the amount of refunded mortgage loans was 21.1 million manat ($12.4 million).
The average monthly amount of loans issued by authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund amounted to 51,575 manat ($30,338), which is the highest indicator for the fund’s entire activity in the country. In May 2019, the average monthly amount of issued loans was 50,106 manat ($29,474).
“The average term for loan repayment was 281 months, decreasing by a month compared to the indicator for May 2019. The average annual interest rate amounted to 6.42 percent, while a year earlier this figure was 6.49 percent. Meanwhile, the average monthly payment was 360.8 manat ($212.2 million), and in May 2019 - 351.3 manat ($206.6),” added the report.
($1 USD = 1.7 manat on July 2)
---
Follow the author on Twitter: @eldarjanashvili
