OREANDA-NEWS. December 09, 2010. The International Finance Corporation (IFC) jointly with the Central Bank of Uzbekistan and the Institute for Forecasting and Macroeconomic Research held a seminar on the development of the system of credit information exchange in the country.

Sharing credit information involves a set of actions to transfer information from the supplier to special institutions and receiving information from them, as required by the legislation.

In banking, the system’s importance is determined by the prevention of the risk of non-return, protection of interests of borrowers and lenders, and provision of creditors with information on borrowers and clients.

To create a credit bureau in Uzbekistan, the Cabinet of Ministers passed a decree in April 2004, which defined the main tasks of the National Credit Information Institute under the Central Bank and the Interbank Credit Bureau of the Banks Association.

Uzbekistan has established an effective system to strengthen financial discipline, reduce risks in credit operations and provide information on potential borrowers, head of the World Bank office in Uzbekistan Takuya Kamata said at the forum.

One positive example is the above-mentioned National Credit Information Institutes, which collects both positive and negative data on loans of all businesses and individuals, regardless of the amount, quantity and the types of loans. Providing this information to the financial sector is made on a free basis.

The institute database currently contains information on more than 725,3000 borrowers and over 1.228 million contracts. Daily exchange of credit information is carried out in real time with all banks and their 800-plus branches. Every day, credit information on almost 1,500 borrowers is issued.

The Banks Association of Uzbekistan has formed a database containing statistical information on more than 471,000 businesses and approximately 662,000 credit, leasing and factoring agreements.