Azerbaijan to adopt German system of mortgage lending

The Azerbaijani Central Bank plans to improve the German model of
mortgage lending, the bank's head, Elman Rustamov, said, Trend
reports.

He said that they will build the mortgage lending system using deposits
14 million mantas were provided from the state budget this year. The
demand for mortgage lending is due to active housing construction.

Housing sales and investments will depend on mortgage lending
developing. The investments will be put back into the oil sector.

Azerbaijani Mortgage Fund, operating at the Central Bank, provided
loans worth 95.9 million mantas in 2010. The level of refinancing
credits of the bank reached 90.5 million mantas. Financing of the
mortgage was equal to 14 million mantas from the state budget in 2010.
81 million mantas were put into mortgage bonds in 2010.

The official currency rate for January 20 is 0.7974 AZN/USD.