Central Bank decision on credit institutions


November 26, Fineko/abc.az. In compliance with the amendments to the Law on Credit Unions, from now on credit unions, such as banks and non-bank credit organizations, will provide information about each borrower to the Centralized Credit Register (CCR) and the CBA Credit Bureau. ABC.AZ reports that CBA chairman Elman Rustamov signed the decision on approval of the Procedure for providing information about credit institutions’ borrowers to the Centralized Credit Register. The decision was endorsed on 12 November 2021. Thus, along with banks and non-bank credit organizations the credit unions will also be accountable. This means that simplification and acceleration of the evaluation process will be provided by the opportunity to use the services of the bureau, in particular, the loan report.