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Azerbaijan reveals volume of mortgage loans issued by local agent banks for 11M2022

Finance Materials 23 December 2022 12:41 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, December 23. The volume of mortgage loans issued by agent banks of Azerbaijan’s Mortgage and Credit Guarantee Fund grew from January through November 2022, Trend reports via Central Bank of Azerbaijan (CBA).

According to the CBA, this figure amounted to 390.7 million manat ($229.8 million), up by 20.03 percent compared to the first 11 months of 2021 (325.5 million manat or $191.4 million)

The CBA said that in the first 11 months of this year the Mortgage and Credit Guarantee Fund refinanced loans for an amount of 350.4 million manat ($206.1 million), which is a decline of 7.5 percent on annual basis.

Besides, over the reporting period, the fund received 95.2 million manat ($56 million) from the state budget to finance mortgage loans, which is 33.9 percent more than in the same period last year (71.1 million manat or $41.8 million).

Meanwhile, the average size of the mortgage loans issued amounted to nearly 56,700 manat ($33,350). At the same time, loans were issued for a period of 282 months at an average rate of 6.32 percent per year.

From January through November 2022, the Mortgage and Credit Guarantee Fund attracted 375 million manat ($220.6 million) from the placement of bonds (no placements were held in January, May, and July this year).

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