Azerbaijani banks decreased mortgage crediting 1.6 fold in May
Baku, Fineko/abc.az. In May the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank decreased mortgage lending 1.6 fold against its increase 6.3 fold in April, decline of 4.7 fold in March, its 2.8 fold rise in February and a 4.7-fold collapse in January.
Last year the country’s mortgage lending fell for the first time since 2008.
The AMF reports that in May 2012 the mortgage loans for AZN 7.92 million were given in Azerbaijan against AZN 13 million in April, AZN 2.05 million in March, AZN 5.88 million in February, AZN 2.07 million in January 2011 and AZN 11.48 million in November (the 2011 best indicator per month).
For Jan-May 2012 mortgage lending in Azerbaijan on the AMF standards made AZN 30.92 million against AZN 95.54 million in 2011 and AZN 95.9 million in 2010.
This May the Fund conducted refinancing of the previously given loans for AZN 6.62 million against AZN 7.38 million in April, AZN 6.41 million in March, AZN 8.05 million in February, AZN 4.69 million in January 2012 and AZN 9.3 million in October (the 2011 best indicator per month).
For Jan-May 2012, the volume of the mortgages refinanced by the Fund totaled AZN 33.15 million versus AZN 77 million for 2011.
In 2011, the volume of the mortgages refinanced by the Fund made up 85.08% of its volume in 2010 (AZN 90.5 million).
The process of mortgage lending on the AMF standards started in the country in March 2006 and reached AZN 370.48 million since then. Of this amount, the Fund refinanced only AZN 278.1 million, and received AZN 116 million from the State Budget in 2005-12.
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