Azerbaijan reconsiders concept of private credit bureau activities

Azerbaijan, Baku, Oct. 23 /Trend, N.Ismayilova/

The Central Bank of Azerbaijan (CBA) will review the concept of the activities of a private credit bureau, CBA Director General Rashad Orujov told reporters on Saturday.

"Working on a bill regulating the activities of the private credit bureau in the country is being completed. However, we will revise the concept. It will be discussed in internal discussions in the CBA," said Orujov.

According to him, the CBA intends to once again revise its approach in the near future and will accept the scheme of the credit bureau activities. Today, the Central Bank is considering several options for the concept of the bureau.

The text of the memorandum of understanding to be signed by all potential shareholders has also been agreed, and the business plan of the credit bureau has been finalized.

To create own database of private credit bureaus requires two to three years, and therefore, it is proposed to use base available at the Central Credit Registry at the CBA which has been operating since 2005. For this purpose, currently rates and other issues are also discussed.

The bill can be adopted by next year, after which the bureau will need to be licensed in the CBA and implement technical solutions of an international partner. Given the minimal costs of these processes, the bureau can begin activities no earlier than spring of 2013.

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