Central Bank of Azerbaijan ready to expand access to credit information
Azerbaijan, Baku, March 13 / Trend A.Akhundov /
The Central Bank of Azerbaijan (CBA) supports participation in the exchange of credit information of all credit organizations issuing time and interest loans, Head of Service of centralized credit register (CCR) under the Central Bank Elchin Habibov told reporters on Tuesday.
"Now we are working to prepare an appropriate legal framework. In the future, we see the participation of leasing companies, telecommunication companies, utility companies in the process. Today, however, it is not known which structure will be responsible for this: credit register or credit bureau," Habibov noted.
He said all the banks operating in Azerbaijan send information about loans to the Central Credit Register on a monthly basis.
"Of the 27 non-bank credit organizations operating in Azerbaijan, 20 are connected to the CCR, the remaining seven organizations are working to improve the technical capacity and preparation of the software needed to connect to the registry," the CCR Service head said.
CCR began operating in March 2005. For a single query to the registry on the individual rate is 1.1 manat, the legal person - two manat. Credit registry does not pursue commercial objectives, and tariffs are introduced to cover administrative costs.
Consultant to create a CCR is Norway Registers Development and executor- RISK Company. Funding for establishment of a credit registry was provided by the World Bank loan to the "Financial Sector Technical Assistance" (FSTA).
The official exchange rate is 0.7863 AZN to $1 on March 13.