Bill on credit bureau drafted in Azerbaijan

Bill on credit bureau drafted in Azerbaijan
# 28 April 2011 12:57 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. New bill on “activity of private credit bureau” was drafted in Azerbaijan, representative of State Secretariat for Economic Affairs (SECO) on Azerbaijan Naila Safarova told APA.

According to her, new bill was drafted jointly with International Finance Corporation: “As a result of application of this bill, condition for involving of foreign and domestic financial resources for the establishments and organizations engaging in small entrepreneurship will be created. So that, information base of establishments and organizations on community, bank, communication, energy consumption and clients will be formed in the Private Credit Bureau. Differing from banks, credit organizations are not insured from possible risks, completely. Because, only bank, non-banking organizations and microfinancial institutions can apply to Service of Central Credit Register (CCR) under the Central Bank of Azerbaijan. Private Credit Bureau may e established in Azerbaijan for solution of problem, recently, in Azerbaijan”.

SECO official says if PCB receives different information, the credit organizations will be able to get full information about payment ability of customers: “It will be possible to define the number of risks, troubled credits in banks by the support of this organization. Banks will not spend times to research the customers”.

She stressed that the new bill would be submitted to the relevant state bodies, recently/
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