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Why did amount of given mortgages decline? - Expert opinion

16.12.2019,13:05


December 16, Fineko/abc.az. Over Jan-Oct of the year it was given mortgage loans in the total amount of AZN 127.6 million through the Mortgage & Credit Guarantee Fund.

According to Central Bank’s statistics, the indicator is by 40.5% less versus the 2018 same term. A substantial decrease is observed. And what is it explained with?

We applied with this question to expert Ekrem Hasanov.

Replying ABC.AZ’s question, the expert noted that MCGF’s activity may increase after the powers of the earlier-liquidated Financial Market Supervision Authority were transferred to the Central Bank.

He noted that at one time the MCGF was under authority of the CBA and laid non-transparent tradition.

"To whom and on what grounds the Fund gave a mortgage loan, knows only God and the leadership of the Central Bank and the Fund. The tradition can be continued. But this does not mean that it will be easy to get a loan there," the expert believes.

Hasanov also noted that for Jan-Oct 2019 the MCGF reduced by 25.7% the amount of funds raised by issuing bonds on the securities market, which fell to AZN 130 million.

"The main reason for this is the lack of funds. The government does not finance as previously, and the bonds are not attractive for banks," the expert explained.

By Elmir Murad