Azerbaijani CB officially offered to increase state expenditures for social mortgage on the background of AZN 100 million demand for it
Baku, Fineko/abc.az. In 2011 Azerbaijan Central Bank can exceed the forecast of currency reserves made for the year.
Today in Baku the CBA Deputy Chairman Aftandil Babayev said that the bank has made proposals on necessity for increase of state budget expenditures for social mortgage in connection with application of State program " Azerbaijani Youth" till 2015.
" Our proposals assume increase of such expenditures as much as possible which are provided at AZN 20 million for 2012. Our calculations demonstrate that average annual demand for social mortgage is AZN 100 million",- A. Babayev said.
State appropriations are placed through Azerbaijan Mortgage Fund (AMF) under the CBA.
" We will keep on raising funds for AMF from other sources. After the market potential is determined we will specify issue volumes of AMFs mortgage bonds",- A. Babayev said.
So far AMF has raised about AZN 300 million through the bonds.
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