TODAY.AZ / Business

Mortgage lending to resume in Azerbaijan

07 May 2008 [09:08] - TODAY.AZ
The Azerbaijan Mortgage Fund is to resume lending mortgage loans in the second half of 2008, said Elman Rustamov, Board Chair of the National Bank of Azerbaijan.
He added that mortgage interest rates will not be below the National Bank’s key interest rate (14%).

"In order to make mortgage loans more favorable for population, it is necessary to stabilize macroeconomic reforms, curb inflation and get cheap financial resources from foreign lenders," he added.

Last month the National Bank of Azerbaijan has raised the benchmark rate from 13% to 14% and expanded an interest rate corridor of 5–19% to 3-20% for centralized lending operations.

The bank has tightened its monetary policy to increase efficiency of the monetary management to curb inflation.

/APA/
URL: http://www.today.az/news/business/44822.html

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