Azerbaijani banks increased mortgage crediting by 13%
Baku, Fineko/abc.az. In July the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank increased mortgage lending by 13 % against its fall of 2-fold in June, 1.6 fold in May, rise of 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 July 2012 the mortgage loans for AZN 4.43 million were given in Azerbaijan against AZN 3.92 million in June, AZN 7.92 million in May, 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-July 2012 mortgage lending in Azerbaijan on the AMF standards made AZN 39.27 million against AZN 95.54 million in 2011 and AZN 95.9 million in 2010.
This June the Fund conducted refinancing of the previously given loans for AZN 12.32 million against AZN 11.31 million in June, AZN 6.6 million in May, 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-July 2012, the volume of the mortgages refinanced by the Fund totaled AZN 56.78 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 374.4 million since then. Of this amount, the Fund refinanced only AZN 289.4 million, and received AZN 136 million from the State Budget in 2005-12.
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