Importance of credit registry increases in Azerbaijan
Azerbaijan, Baku, March 13 / Trend A.Akhundov /
Today more than 1.2 million borrowers are registered in the Central Credit Register (CCR), Head of CCR Service under the Central Bank Elchin Habibov told reporters on Tuesday during a workshop "Automated tools, scoring and optimization of financing through a credit bureau".
The workshop was organized under a project of the International Finance Corporation (IFC) to strengthen the financial infrastructure in Central Asia and Azerbaijan (ACAFI - Azerbaijan-Central Asia Financial Markets Infrastructure).
"Within a year for every 7 out of 10 signed loan agreements credit decisions after receiving information from the registry were taken. Today the credit registry is a significant tool for making lending decisions in banks," Habibov said.
He noted only in 2011 the credit register received over 500,000 requests.
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.