Azerbaijan, Baku, April 6 / Trend A. Akhundov /
The Central Bank of Azerbaijan (CBA) improves the Centralized Credit Registry' operation; from now on, banks and non-bank credit institutions (NBCI) will be able to receive data through an automated registry system in real time.
The Central Bank has approved new rules for the maintenance and use of the registry. The document came into force on April 2.
The rules are adopted to improve mechanisms for regulatory control over the mode of operation, including the type of data, terms and conditions of disclosure and obtaining information, according to the text of the document published on the official website of the Central Bank.
According to the rules, credit data should be provided by banks and non-bank credit institutions, including those with eliminated licenses. The data is provided in electronic form in accordance with the requirements of an automated system of the Centralized Credit Registry.
Banks and NBCI may obtain information about the current and potential borrowers, whereas individuals and legal entities shall have access only to data relating to them.
The document also defines the rules for investigating the accuracy of data. Amendments to the registry are made only on the basis of data provided by the data providers. Complaints about inaccurate data on individuals and legal entities should be submitted to the CBA.
The Central Credit Register Service of the Central Bank began operating in March 2005.
The rate for a single query on an individual is 1.1 manat, a legal entity - two manat. The credit registry does not pursue commercial objectives, and tariffs are imposed to cover administrative costs.
The official exchange rate on April 7 is 0.7846 AZN / USD.