Azerbaijan, Baku, 6 June / Trend corr I. Khalilova/ The administration of the National Bank of Azerbaijan (NBA) is going to discuss the strategy for further development of the centralized credit registration (CCR). According to the Director of the Department of Statistics & Research at NBA Emin Huseynov, USAID assists NBA in improvement of registration.
"About 95% of the USAID recommendations on consistent growth and improvement of analytical capabilities of registration have been fulfilled," Huseynov said.
In future, the credit registration will be able to assess banks' accounts receivable to improve bank supervision of risks, for which purpose additional information on risks management will be collected.
In accordance with the Bill on Credit Bureau, which is being currently developed, CCR is planed to be turned into a bureau like it is in the world practice. The difference is that registration may include information about financial institutes supervised by NBA - banks, non-banking credit organizations. According to Huseynov, the credit bureau can give information to financial institutes and communication companies about the credit record of the clients, as well as trading facilities who sell goods on credit. The software and technological process in the Register should be updated to expand potential of CCR.
"The opportunities of CCR will be expanded once the planned events are realized in 2 to 2.5 years," NBA representative said.
The CCR is already functioning as a separate structure - Central Credit Register Service- under the National Bank of Azerbaijan at the recommendation of the international experts. The establishment of private structures on the credit record will become possible after the Bill on Credit Register is passed.
At present, the banks are the only users of CCR, which is functioning under NBA since March 2005. NCO will also have an access to CCR once the Bill on Non-Banking Credit Organizations is passed.
At present, the database of CCR has been completely updated to transfer the exchange of information from CCR to online regime.
The official exchange rate for 6 June is 0.8193 AZN/USD.
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