BAKU, Azerbaijan, July 23. The agent banks of Azerbaijan's Mortgage and Credit Guarantee Fund (MCGF) issued mortgage loans worth 230.3 million manat ($135.4 million) from January through June 2024, which is 5.46 percent less than in the same period of 2023, Trend reports.
According to the Central Bank of Azerbaijan (CBA), the MCGF refinanced loans worth 195.2 million manat ($114.8 million) in the reporting period, which is 7.85 percent less compared to the same period in 2023.
During the reporting period of the current year, the average size of the issued mortgage loan amounted to about 61,990 manat ($36,465). Meanwhile, the loans were issued for a term of 281.6 months at an average rate of 6.34 percent per year.
Furthermore, during the reporting period, MCGF attracted 300 million manat ($176.4 million) from the placement of bonds (no placements were made in February).
To note, in 2023, the agent banks of the MCGF disbursed mortgage loans amounting to 461.4 million manat ($271.4 million).