Baku, Azerbaijan, Feb. 9
By Anvar Mammadov - Trend:
Creation of a credit bureau will significantly improve financial responsibility of the Azerbaijani population, Deputy Chief Executive Director and Director of the Strategic Services Department of the Financial Market Supervisory Authority of Azerbaijan Asim Zulfugarov said Feb. 9.
He made the remarks at a press conference on the launch of the first private credit bureau in Azerbaijan.
He said that this step will allow both creditors and borrowers to promptly and fully receive information on the borrowed loans and analyze the need for getting a new loan.
“Despite that the Centralized Credit Registry has been operating in Azerbaijan for 13 years, the country needs a complete system of credit histories that is more efficient and operational,” Zulfugarov said. “Therefore, creation of the first private credit bureau is a very important step, which will significantly strengthen financial literacy in Azerbaijan.”
In December last year, 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.
