Azerbaijan studies foreign experience to create first private credit bureau

Azerbaijan, Baku, May 5 / Trend N.Ismayilova /

Azerbaijan will study the experience of advanced countries in developing a model to create a private credit bureau, Central Credit Registry (CCR) head at the Central Bank of Azerbaijan Elchin Habibov said.

"We reviewed the activities of credit registries in some EU countries, and studied the experience of Morocco, where the system is sufficiently specific, and we felt that acquaintance with the experience of this country can be helpful in creating a similar system in Azerbaijan," Habibov said.

He added that the CCR and the International Finance Corporation (IFC) are jointly developing a model for the establishment of a private credit bureau based on the experience of various countries. In this context, capturing the experiences of other countries and exchanging information are both necessary, Habibov said.

The delegation consisting of Azerbaijani Central Bank and IFC representatives visited Morocco April 4 to study the experience of establishing private credit bureaus and a registry. The visit was organized by the Central Bank of Morocco.

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. The project was launched to improve the financial infrastructure with the technical support of the 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.

The register was established under the law on 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 a payment basis. One request for an individual entity is 1.1 manat, and two manat for a legal entity. 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, and postal banks can obtain access to information from a credit bureau in the near future.

The registry includes information on the 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 the credit registry was conducted by a World Bank loan on technical assistance for the financial sector.

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