Azerbaijan to familiarize with Morocco's experience
Azerbaijan, Baku, April 2 / Trend I. Khalilova /
The delegation consisting of representatives of the Azerbaijani Central Bank and IFC project on improving the financial infrastructure will visit Morocco April 4 to learn the experience of establishing the private credit bureaus and the registry, the International Finance Corporation's Baku office said.
"The visit is organized by the Central Bank of Morocco and will last until April 10," the IFC said.
The delegation was led by the Head of Central Credit Registry at the Central Bank.
The credit register has been operating in Azerbaijan since January 2005. The first private credit bureau in the country is expected to be created on the basis of the registry. Currently, the project was launched to improve the financial infrastructure under the technical support of IFC and the Swiss State Secretariat for Economic Affairs Seco. This project will support the creation of the first private credit bureau in the country.
Credit registry for five years of activity has already formed an information base about 680,000 borrowers, and 1.225 million information on loans.
In 2009, about 38 banks use the credit registry in 2009 compared to 17 banks in 2008.
The register was established under the law "Banks". All commercial banks in Azerbaijan must provide information to the registry. Only Azerbaijani banks and their branches operating in the country can use its services. Information from the registry can be provided in real time on demand on payment basis. One request for an individual entity is 1,1 manat, a legal entity - two manat. Credit registry does not pursue commercial objectives. Tariffs are imposed to cover administrative costs.
Non-bank credit institutions, leasing, insurance companies, mobile operators, utility organizations, postal banks can get access to obtain information from a credit bureau in the nearest years.
The registry includes the information on credit transactions of physical entities from 1,000 manat and legal entities - from 5,000 manat. The register takes into account the information on the operations of physical entities on credit cards worth 10,000 manat.
The consultant to develop the register is Norway Registers Develorment and performer - RISK Company. Financing of credit registry was conducted by the World Bank's loan "Technical assistance for financial sector" (FSTA). The contract amount is $190,000.
On April 2, the official exchange rate is 0.8034 manat to $1.