The International Finance Corporation (IFC) proposed the National Bank of Azerbaijan (NBA) to create an institute of credit bureau, the General Director of the NBA, Rufat Aslanly. He did not exclude possibility of creation of alternative or parallel bureaus, which is specified by the legislative base.
The law on Banks includes an item, which enables to establish credit bureaus.
There are definite requirements, as the bureau accumulates information which is the banking secret. The NBA took an initiative at the request of the Association of Azerbaijani Banks, Aslanly underscored.
Until establishment of a credit register at the NBA, initiatives on the establishment of a private credit bureau have been forwarded twice. First the initiative came from the Association of Azerbaijani Banks, for which TACIS was going to approve financial and technical assistance. Estimating it as a threat the sector did not accept it and supposed that the information can be disclosed.
Credit register at the NBA was founded 1.5 year ago and functions very efficiently. It was established within the framework of WBs project on Technical Assistance to Financial Sector Development in Azerbaijan.