BAKU, Azerbaijan, May 24. Agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued mortgage loans worth 177.8 million manat ($104.59 million) from January through April 2024, which is 7.82 percent more than in the same period of 2023, Trend reports.
Data from the Central Bank of Azerbaijan (CBA) shows that MCGF refinanced loans of 94.8 million manat ($55.7 million) during the reporting period, which is 12.48 percent less than the same period in 2023.
During the reporting period, the average size of the issued mortgage loan was around 62,250 manat ($36,620). Loans were given for 281.6 months at an average annual interest rate of 6.34 percent.
Meanwhile, MCGF raised 200 million manat ($117.6 million) through bond placements (the placements didn't take place in February).
To note, MCGF agent banks issued mortgage loans worth 461.41 million manat ($271.4 million), in 2023.