IFC: Legal framework for private credit bureaus in Azerbaijan to be ready till late October
Azerbaijan, Baku, June 29 / Trend A. Hasanov /
It is planned to complete developing a bill regulating the activity of private credit bureaus by late October, IFC project coordinator in Azerbaijan Teymur Heybatov told media today.
"The Azerbaijani Central Bank and the International Finance Corporation (IFC) have agreed to sign a road map to improve the legislation in credit information exchange," he added.
He said that a working group consisting of three representatives of the financial corporation and two representatives of the Central Bank has been created to develop the bill.
"We have also attracted a specialist on the legislation in credit information exchange," he said. "This specialist will prepare the final report."
A circle of potential shareholders of the first credit bureau is being formed. They plan to sign a memorandum of intent on July 5.
It is estimated that the establishment of a credit bureau will require $2 -2.5 million, but the final amount will depend on the cost of the software.
A central credit register has been operating under the Central Bank of Azerbaijan since 2005.