OREANDA-NEWS. November 02, 2011. This year the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank keep "mutilated pace of crediting" which rose by 25.5% in 2010. In October 2011 they decreased mortgage lending by 25.3% against September when it fell by 32,4% versus August.

The AMF reports that this October mortgage loans for 5.6 million manat were given against 7.5 million manat in September, 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 November 2011 mortgage lending in Azerbaijan on the AMF standards was AZN 74.4 million which is still equivalent to 77.6% of its volume in 2010 (95.9 million manat).

At that, for Jan-October 2011 the Fund conducted refinancing of the previously given loans for 59.9 million manat (including 9.3 million manat in October versus 6.3 million manat in September, 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 66.2% 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 324.1 million since then.