TODAY.AZ / Business

National bank prepared new proposals on mortgage crediting

22 April 2006 [08:56] - TODAY.AZ
The national Bank of Azerbaijan (NBA) presented proposals to the Cabinet of Ministers for improvement of the mortgage crediting process in the republic.

The Chair of the NBA Board Elman Rustamov told that after the proposals have been discussed by the government detailed information about it to be provided and some concessions are expected to be granted in this field as well: "We have the role of professional adviser in this work. Being the social party, the demand to those concessions must be formed by the Ministry of Youth and Sport, and Ministry of Labour and Social Protection of Population."

Mr.Rustamov speaking about extension of the mortgage process said that about 10 mortgage loans had already been supplied and many appeals received; preparatory works for provision of additional loans are underway.

Coming to provision of non-mortgage credits by banks for purchasing of apartments, the NBA chair considers it to be a normal case and said that this process existed before establishment of the Mortgage Fund of Azerbaijan and is possible to continue in future, APA reports.


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