OREANDA-NEWS. September 1, 2011. This year the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank have kept the lending pace of 2010 (+25.5%). In August  2011 they increased mortgage lending 1.7 fold  against July when it dropped by 20% versus June.

The AMF reports that this August mortgage loans for 11.1 million manat were given against 6.4 million manat in July, 8 million manat in June, 9.4 million manat in May, 9.2 million manat in April, 8.4 million manat in March, 5.5 million manat in February, 3.3 million manat in January of 2011 and 8.6 million manat in December of 2010.

As of 1 September  2011 mortgage lending in Azerbaijan on the AMF standards was AZN 61.3 million which is still equivalent to 63.9% of its volume in 2010 (95.9 million manat).

At that, for Jan-August  2011 the Fund conducted refinancing of the previously given loans for 44.3 million manat (including 6.3 million manat in August, 4.6 million manat in July, 4.6 million manat in June, 7.7 million manat in May, 5.9 million manat in April and last December’s 9.2 million manat).

In 2011, the volume of the mortgages refinanced by the Fund still makes up 48.95% of its volume in 2010 (90.5 million manat).

The process of mortgage lending on the AMF standards started in the country in March 2006 and reached AZN 311 million since then.