OREANDA-NEWS. October 6, 2011. This year the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank have reached "mutilated pace of crediting" which rose by 25.5% in 2010. In September 2011 they decreased mortgage lending by 32.4% against August when it rose 1.73 fold versus July.

The AMF reports that this September mortgage loans for 7.5 million manat were given against 11.1 million manat in August, 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 October 2011 mortgage lending in Azerbaijan on the AMF standards was AZN 68.8 million which is still equivalent to 71.7% of its volume in 2010 (95.9 million manat).

At that, for Jan-September 2011 the Fund conducted refinancing of the previously given loans for 50.6 million manat (including 6.3 million manat in September versus 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 55.9% 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 318.5 million since then.