Central Bank of Azerbaijan expects discussion of bill on private credit bureaus in spring session of Parliament

Business Materials 2 December 2013 10:22 (UTC +04:00)

Baku, Azerbaijan, Dec.2/
Abbas Akhundov - Trend:
The bill which will regulate activities of private credit bureaus, may be submitted to Milli Majlis (Azerbaijani parliament) as early as next spring session, Director General of the Central Bank of Azerbaijan (CBA) told Trend.

He expressed hope that the first private credit bureau will be commissioned next year.

Access Bank, AGBank, Azerbaycan Senaye Bankı, Bank Respublika, Demir Bank, Muganbank, PASA Bank, Turan Bank, Yapı Kredit Bank Azerbaijan and UniBank are potential shareholders of the first credit bureau planned to be established in Azerbaijan.

In 2005, the formation of credit histories of debtors started in Azerbaijan after the establishment of the Central Credit Register Service (CCR) under the Central Bank of Azerbaijan. The register covers the whole spectrum of personal data about banks, non-bank credit institutions, debtors, owners of large stock packages of participation in debtors' capital, their credits and pledges on them. The credit bureau, in turn will be able to collect credit information from other financial institutions such as leasing companies, organisations involved in micro-crediting, non-financial organisations, including communal and telecommunications companies and trading by selling goods on credit.