BAKU, Azerbaijan, August 29. Agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued mortgage loans totaling 280.4 million manat, or $164.9 million, from January through July 2024, marking a 0.32 percent increase compared to the same period in 2023, Trend reports.
According to the Central Bank of Azerbaijan (CBA), MCGF refinanced loans amounting to 246.2 million manat, or $144.8 million, during the same period, representing a seven percent decrease from the previous year.
The average size of the issued mortgage loan during this period was approximately 62,140 manat, or $36,552. These loans were issued with an average term of 281.6 months and an average annual interest rate of 6.34 percent.
Additionally, MCGF attracted 300 million manat, or $176.47 million, from bond placements during the reporting period, though there were no placements in February or July.
MCGF's agent banks issued mortgage loans totaling 461.41 million manat or $271.41 million in 2023.