CBA to limit credit registry’s full powers

Business Materials 5 May 2013 11:05 (UTC +04:00)

Azerbaijan, Baku, May 5 / Trend A.Akhundov /

The Central Bank of Azerbaijan (CBA) will limit the scope of activities of the Central Credit Registry after the launch of private credit bureaus, CBA Director General Rashad Orujov told Trend.

"We will leave the credit registry for ourselves, for our own interests. We will not compete with private credit bureaus," Orujov said.

According to him, a draft law that would regulate the operation of private credit bureaus will be adopted by the end of the year.

"We will try to achieve the adoption of the bill by the end of the year," Orujov said.

As Orujov said earlier, banks are already working on the creation of private credit bureaus, and the CBA supports these initiatives.

"These bureaus will provide the banks with additional services, such as scoring and others. The launch of private bureaus will allow the CBA to move away from its non-standard functions in this area," Orujov said.