Marat Terterov: Armenia’s long term security will be better served by strengthening economic security, rather than defining national security on the basis of the Tsarist Russian catch-cry “armiya i flot”
Baku. The authorized banks of the Azerbaijan Mortgage Fund (AMF) issued mortgage loans of 3.92 million AZN in June 2012, which was half the May figure. According to the AMF, in the reported month, the fund refinanced 11.31 million manat compared to 6.62 million manat a month earlier. The total amount of refinancing has amounted to 44.46 million manat this year.
Since 2006 the Fund has issued mortgages worth 380.28 million manat, including 34.84 million manat this year. Of these, 41% were persons aged 18-29 years, 31% - aged 30-35 years and the remaining 28% - aged 36 years or more. Today, the state finances social mortgage, to meet the needs of which the state budget annually allocates 20 million manat. The Fund has received the money in full.
Commercial mortgages are financed through the issuance of bonds of AMF. For this purpose, in 2009-2012 the Fund floated four issues of AZN 55 million, 75 million, 60 million, and 20 million each. In December last year the prospectus of registered non-documentary bonds worth 30 million manat passed state registration. To date, the fund has floated bonds totaling AZN 20 million from the last issue.
Mortgage loans are issued to citizens of Azerbaijan of up to 50,000 manat for a period of 25 years at a rate not exceeding 8% per annum. Concession loans are up to 35,000 manat for a period of 30 years at a rate of 4% per annum.