Azerbaijan, Baku, Oct. 22 / Trend , N.Ismayilova /
The Central Bank of Azerbaijan (CBA) has prepared proposals for improving the pledge mechanism in the country's banking sector, CBA Director General Rashad Orujov told reporters today.
"We have developed proposals to improve this mechanism and already submitted them to the government," Orujov said. "We hope that the project will be soon considered."
The proposals include changes to the legislative acts of the Law on mortgage, Civil Code and other laws.
"These changes seem to improve the process of pledging properrty and reduce its duration by about 7-8 months, including judicial procedures. It is a normal practice, because lenders need to feel secure," he said.