Weekly economic review (March 12-16)
Azerbaijan's Private Credit Bureau completes collection of data on borrowers
The first private credit bureau in Azerbaijan has completed the process of signing bilateral agreements with the country's banks and non-banking credit organizations (NBCO), the bureau said on Monday.
These agreements cover the rules of transfer of credit history to the bureau and its further use. Thus, the bureau started information exchange with credit organizations since March 6.
Along with credit organizations, bilateral agreements on cooperation were also signed with 21 insurance and one reinsurance company operating in Azerbaijan.
In the near future, these companies will also be able to use the services of the bureau.
Last December, Azerbaijani banking market participants made a decision to create Azerbaijan Credit Bureau LLC. Chairman of the Board of the International Bank of Azerbaijan Khalid Ahadov was elected Chairman of the Supervisory Board of the Azerbaijan Credit Bureau.
The founders of the Azerbaijan Credit Bureau LLC are the International Bank of Azerbaijan, Bank Respublika, Xalq Bank, Kapital Bank, PASHA Bank, Rabitabank, Unibank and Ziraat Bank Azerbaijan.
The private credit bureau will contain more information than the Centralized Credit Registry and cover a bigger number of borrowers. The bureau will receive information not only from banks, but also from insurance and leasing companies, mobile communication operators, etc.
Azerbaijan's Export Support Center develops new financial services for entrepreneurs
The Export Support Center "Single Window" operating under the Azerbaijani Center for Analysis of Economic Reforms and Communications is working on introduction of new financial services for entrepreneurs, Manager of the "Single Window" Center Nijat Hajizade told Trend and Azernews.
"Among the planned innovations that will be implemented jointly with commercial banks, I can name the possibility of paying export and other fees in electronic form, as well as provision of services of factoring and issuing letters of credit," he said.
Banks will also issue export credits to entrepreneurs through the intermediation of the center, according to Hajizade.
The Export Support Center "Single Window", established on Feb.23, 2017, provides support to entrepreneurs in obtaining various state certificates, permits and other documents: veterinary and phytosanitary certificates, certificates of origin, quality, permission to export species of wild fauna and flora on the verge extinction, evidence of the protection of cultural property and permission to export religious literature.
The center also supports entrepreneurs in obtaining international certificates, export permits, and assists in financial and customs issues, as well as in transport and logistics.
Azerbaijan's gov't to study cryptocurrency regulation proposals
The Azerbaijani Internet Forum (AIF) will prepare proposals on the regulation of the cryptocurrency market and the use of blockchain technology, AIF Chairman Osman Gunduz told Trend March 6.
Gunduz said that a round table will be organized in the coming week with the participation of industry specialists from the public and private sectors, who will hold presentations.
"Relevant proposals will be prepared, based on the results of the round table, regarding the regulation of the cryptocurrency market and the effective use of blockchain technology, and will be submitted to the government," he added.
The round table will be organized jointly with the Blockchain consulting company in Azerbaijan - Cryptoacademy.az and the Portmanat payment system.
Baku talks registering companies in Azerbaijan’s free economic zone
Registration of companies willing to operate in the free economic zone (FEZ), which is being established in Azerbaijan, will start after the relevant law is adopted by the Azerbaijani Parliament, Taleh Ziyadov, head of Baku International Sea Trade Port CJSC, told reporters in Baku March 16.
He reminded that the draft law on the FEZ, which is being created in the Alyat settlement in Baku, successfully passed two readings in the Azerbaijani Parliament.
"The registration of companies will start after the draft law passes the third reading," Ziyadov said. "I think that the registration process will begin before the end of this year."