IFC awaits CBA's decision on credit bureau model

Business Materials 27 October 2011 16:11 (UTC +04:00)

Azerbaijan, Baku, Oct. 27 / Trend A. Akhundov /

The IFC is waiting for the decision of the Azerbaijani Central Bank (CBA) to choose a private credit bureau model in Azerbaijan, IFC Project Coordinator in Azerbaijan Teymur Heybatov told media on Thursday.

"We analyzed the central credit register operating since 2005 and the entire credit information system, which showed the need for an institute of the credit bureau in Azerbaijan," he said.

He said that today the bill regulating the activities of the private credit bureau has been prepared and is under consideration by the Central Bank of Azerbaijan. 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.

"The Central Bank should promote this bill," he said. "We have fulfilled all the necessary part of the work."

Central Bank head Rashad Orujov said earlier that the central bank will revise the concept of a private credit bureau.

"The work over a bill regulating the activity of the private credit bureau in the country is under completion," he said. "However, we will revise the concept. It will be discussed in the Central Bank one of these days."

He stressed that the Central Bank intends to once again revise its approaches," he said. The scheme of the credit bureau's activity will be accepted in the nearest future. Today, the Central Bank considers several variants of the concept of the bureau's activity.