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IFC submits to Azerbaijani Central Bank concept of reducing risks on chattel mortgage

Azerbaijan Materials 4 August 2012 09:46
The concept of promotion of the bill on secured transactions was recently submitted to the Central Bank of Azerbaijan (CBA), IFC project coordinator to strengthen the financial infrastructure in Central Asia and Azerbaijan (ACAFI) on the country Teymur Heybatov told Trend on Friday.
IFC submits to Azerbaijani Central Bank concept of reducing risks on chattel mortgage

Azerbaijan, Baku, Aug. 3 / Trend A.Hasanov /

The concept of promotion of the bill on secured transactions was recently submitted to the Central Bank of Azerbaijan (CBA), IFC project coordinator to strengthen the financial infrastructure in Central Asia and Azerbaijan (ACAFI) on the country Teymur Heybatov told Trend on Friday.

"We will meet soon with representatives of the CBA, during which we will discuss
further steps," Heybatov said.

He said the revised law on secured transactions will be forwarded to the inter-agency coordination, and this procedure will take 60 days.

As of today, as Heybatov noted, question of the location of the registry of movable property still remains open.

"In the concept we have proposed different options of the location of the registry. In some countries it is created in the Ministry of Economic Development, in others - in the Ministry of Justice, etc. In Azerbaijan the structure under which the registry will operate will be determined in the decree of the President on the approval of the law," Heybatov said.

The adoption of this law will reduce the risks of financial institutions in movable property field serving as collateral, to increase access to credit and reduce the likelihood of fraud with pledged movable property.

Movable property registry, whose creation is provided for by this project, will include information about all kinds of movable property, except for that which is already being registered, such as cars, various types of equipment.

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