Movable property register to improve Azerbaijan's position in Doing Business ranking
Azerbaijan, Baku, Oct. 4 / Trend J. Nasibova /
Azerbaijan will retain the position on credit in the rating of a favorable business environment, compiled by the World Bank and International Finance Corporation annually, head of the Central Credit Register Service under the Azerbaijani Central Bank Elchin Habibov said at the VI Azerbaijan Microfinance Conference today.
"Azerbaijan ranks 48th in terms of lending in the ranking "Doing Business 2012: More Transparent World" [published on October 20, 2011]," Habibov said. This position is expected to be preserved."
In general, Azerbaijan rose by three positions and ranked 66th among 183 world countries in the ranking of a favorable business environment.
Movable property register must be created and non-bank credit institutions must be connected to the information base for the formation of credit stories [today almost all non-bank credit institutions joined the credit registry], leasing and communication companies to improve the ranking in terms of credit.
Creating the registry of movable property is being examined in Azerbaijan within the project of the International Finance Corporation (IFC) on strengthening the financial infrastructure in Central Asia and Azerbaijan (ACAFI).
The movable property register will include the information about all kinds of movable property except the already registered, such as cars, various types of equipment.
A bill on movable property was prepared under USAID support in 2008. IFC agreed to resume work and to start the negotiations with the Ministry of Economic Development and the Central Bank to promote the bill and its adoption.
It is assumed that such a registry will improve the analysis while giving the loans on the security in the financial institutions, as well as have a positive impact on the activity of leasing companies.
There are registers at the central bank, ministry of finance, real estate register in the world practice.
The Central Credit Register has been operating since 2005. At present, credit registry aims to collect information on credits granted by banks and non-banking credit organizations.