The Central Bank of Azerbaijan (CBA) expects a 50-per cent growth in the number of requests to the country's Central Credit Register in 2013, Director General of the CBA Rashad Orujov said during his speech at the Baku Financial Summit-2013.
"In order to support the infrastructural development of the banking sector, CBA used to perform functions that are not characteristic for a regulatory agency. In particular, it was engaged in the creation of a processing centre, a credit registry and the introduction of the mortgage lending mechanisms. The creation of the Credit Registry has become a very important risk management tool for banks. If the number of requests to the register exceeded one million in 2012, we expect that in 2013 their number will reach 1.5 million," Orujov said.
According to him, the CBA will complete work soon on a draft law aimed at regulating private credit bureau activities in the country.
"Banks are already working on the creation of a private credit bureau and we support these initiatives. Such bureaus will allow banks to receive additional services from them such as scoring and so on. Private bureaus will allow the CBA to stop performing non-standard functions in this field," Orujov said.
The forum is being organised by Yapı Kredi Azerbaijan, ABTC and the Azerbaijan Diplomatic Academy.