BAKU, Azerbaijan, July 1. Agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued mortgage loans worth 215.8 million manat ($127 million) from January through May 2024, which is 4.85 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 134.9 million manat ($79.3 million) during the reporting period, down 15.86 percent year on year.
Meanwhile, the average size of the issued mortgage loan was around 62,510 manat ($36,770). Loans were given for 281.6 months at an average annual interest rate of 6.34 percent.
Bond placements also brought in 250 million manat ($147 million) for MCGF in the first half of this year, albeit they skipped February.
To note, MCGF agent banks issued mortgage loans worth 461.41 million manat ($271.4 million) in 2023.