Azerbaijani banks increased mortgage crediting 6.3 fold in April
Baku, Fineko/abc.az. In April the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank increased mortgage lending 6.3 fold against its 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 April 2012 the mortgage loans for AZN 13 million were given in Azerbaijan against 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-Apr 2012 mortgage lending in Azerbaijan on the AMF standards made AZN 23 million against AZN 95.54 million in 2011 and AZN 95.9 million in 2010.
This April the Fund conducted refinancing of the previously given loans for
AZN 7.38 million against 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-Apr 2012, the volume of the mortgages refinanced by the Fund totaled AZN 26.5 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 362.56 million since then. Of this amount, the Fund refinanced only AZN 271.48 million, and received AZN 116 million from the State Budget in 2005-12. In 2012, budget assignments have not been transferred to the AMF.
Tags: mortgage crediting
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