Uzbekistan creates Pledge Registry enterprise

Photo: Uzbekistan creates Pledge Registry enterprise / Finance

Tashkent, Uzbekistan, June 24
By Demir Azizov- Trend:

In accordance with the decision of the Uzbek Cabinet of Ministers the state unitary enterprise "On Pledge Registry". will be created within the Central Bank of the republic.

The law "On the pledge registry" creates the legal basis for the creation of the Unified registry of information on the rights of creditors for the debtor's property, which enters into force since July 1, 2014.

In accordance with the resolution "On measures for implementation of the Law of the Republic of Uzbekistan" On Pledge Registry", the SUE tasks are the formation of the unified registry information on the property, presented as a provision of performed obligations.

The resolution has also approved the Regulation "On the Procedure for keeping pledge registry", which will be effective from July 1, 2014. The Regulation defines the conditions and the procedure for making entries into the registry and their modifications and deletions, and search of records.

Pledge Registry SUE shall keep the pledge registry in a single electronic database of information in real time over the Internet using a secure connection protocol.
All persons without restriction are entitled to search entries in the pledge registry. Access to other functions of the pledge registry, including the issuance of a statement on the search results are presented to the persons who have undergone registration and authorization.

Making entry in the pledge register is carried out by the user acting as a lender, with the consent of the debtor, with the specification of the identified data of the debtor, as well as the property on which the creditor has the right.

The experts believe that introduction of a single registry would end early exclusion from the pledge registry the rights of the creditor on the debtor's property by the departments or agencies, prevent the use of the same property as a pledge and, ultimately, strengthen trust between the banking and financial institutions and customers.

Today there are 26 commercial banks in Uzbekistan. Total assets of commercial banks of Uzbekistan increased by 0.5 percent in January - March 2014 compared to 2013 - up to 44.1 trillion soums, including the total loan portfolio - by 1.1 percent up to 26.8 trillion soums.

The official exchange rate on June 24 is 2312.3 UZS / USD.

Edited by CN

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