NBA set to Transfer Centralized Credit Register to Management of Private Banks

Business Materials 29 March 2007 16:04 (UTC +04:00)

Azerbaijan, Baku / corr. I.Khalilova / According to the strategy of the National Bank of Azerbaijan (NBA), the Centralized Credit Register of the NBA will be transferred to the commercial bank department from March 2005.

Transferring Centralized Credit Register to the commercial base will take place after the implementation of measures to develop the credit register. In addition, NBA intends to maintain the right to manage the non-commercial side because it is important for effective banking control. According to the representative of the NBA, over the next 1.5-2 years, the Centralized Credit Register may be ready for the effective and future institutional development outside the NBA.

Yet the system does not work at full capacity and it depends on how the banks will use its services. In addition, the development of the Centralized Credit Register has not been fully completed. After achieving all these factors, it will be possible to speak of its transformation to a commercial enterprise. The strategy of the NBA includes very significant directions for the potential development of the register. Presently the register is attended by only banks, but after the establishment of the postal banks, they will also join the register.