Azerbaijani central credit registry to be expanded

Business Materials 8 January 2010 20:11 (UTC +04:00)

Azerbaijan, Baku, Jan. 8 / Trend N. Ismayilova /

Azerbaijani Central Credit Registry (CCR) under the Central Bank of Azerbaijan (CBA) intends to complete technical work on introduction of new types of reporting on guarantor obligations of borrowers for non-banking credit organization (NBCO) by March 2010, CCR head Elchin Habibov

"We must amend normative legislative basis as well as rules of the CCR in order to introduce new types of reporting," Habibov said

The CCR will intensify work on new types of accounting after the Law on non-bank credit organizations comes into force

At present the CCR has created NBCO information basis together with banks. The law on non-bank credit organization was adopted by the Azerbaijani Parliamentary in late 2009

The new type of reporting contains credit liabilities of borrowers as well as his/her liabilities as guarantor. The CCR has started to collect data about guarantors in local banks. At present the CCR contains information about 253,000 guarantors. Moreover the new system will reflect fulfillment of the borrower liabilities.     

The CCR contains information on current debts as well as about paid credits, about credit security. The information is updated once a month during the two business days. Information on new credits shall be sent to the registry within two business days. As of Oct.1 the number of borrowers made up 647,673 and the total volume of credit information hit 1,121 million 

The CCR was established in 2005 under the law on banks. Access to information is chargeable: 1.1 manat for individuals and 2.2 manat for legal entities. The CCR is not a commercial institution.

On Jan. 8, the official exchange rate is 0.8031 manat to $1.

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