BAKU, Azerbaijan, September 27. The agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued mortgage loans worth 337.7 million manat ($198.5 million) from January through August 2024, which is 3.41 percent less than in the same period of 2023.
The data obtained by Trend from the country's Central Bank of Azerbaijan (CBA) shows that the MCGF refinanced loans worth 280.7 million manat ($165 million) in the reporting period, which is 10.1 percent less compared to the same period of 2023.
Meanwhile, in the reporting period of the current year, the average size of the issued mortgage loan amounted to about 62,320 manat ($36,635). At the same time, the loans were issued for a term of 281.5 months at an average rate of 6.37 percent per year.
MCGF attracted 350 million manat ($205.7 million) from bond placements during the reporting period (no placements were made in February and July).
To note, the agent banks of the MCGF issued mortgage loans amounting to 461.4 million manat ($271.2 million) in 2023.