Azerbaijani banks almost tripled mortgage crediting
Baku, Fineko/abc.az. In February the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank increased mortgage lending by 2.8 times against its 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 February 2012 mortgage loans for AZN 5.88 million were given in Azerbaijan against AZN 2.07 million in January 2011 and AZN 11.48 million in November (the 2011 best indicator per month).
For January and February of 2012 mortgage lending in Azerbaijan on the AMF standards made AZN 7.95 million against AZN 95.54 million in 2011 and AZN 95.9 million in 2010.
This February the Fund conducted refinancing of the previously given loans for AZN 8.05 million against AZN 4.69 million in January 2012 and AZN 9.3 million in October (the 2011 best indicator per month).
For January and February 2012, the volume of the mortgages refinanced by the Fund totaled AZN 12.7 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 347.5 million since then. Of this amount, the Fund refinanced only AZN 257.69 million, and received AZN 116 million from the State Budget in 2005-11.
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