The seminar was attended by representatives of interested ministries, departments, banks and other financial-credit organizations of Uzbekistan, as well as experts of international financial institutions.

Speaking at the joint session of the Legislative Chamber and Senate of Oliy Majlis of Uzbekistan on 12 November 2010, the Uzbek President Islam Karimov stressed that it is necessary to develop financial-banking system, competition in the sector and improve its infrastructure. At the same time, he called to improve legal base, including adopting the law “On exchange of credit information”.

Expanding the volume of crediting of entrepreneurship requires to improve infrastructure of credit processing system. International practice shows that the infrastructure of crediting process (insurance, notary, valuation, credit information exchange, etc) will help to ensure efficiency of banks and credit organizations, decrease business risks, improve profitability of credit operations and their optimizations.

Uzbekistan needs to improve information exchange on possible debtors, their solvency and use of received loans and their repayment, as well as their business qualities.

Currently, Uzbekistan created National Credit Information Institute of the Central Bank and Interbank Credit Bureau of the Uzbekistan Banking Association are operate in the country, which were created in line with the resolution of the government from 23 April 2004 “On measures on formation of the system on accounting credit history of debtors”.

These organizations ensure gathering and presenting reliable and objective information about debtors, which play significant role for decreasing credit risks and improving quality of loan portfolio of the banks. The information created necessary terms for improving decision making on loans and guarantees rendering of other services by banks and other credit organizations.

It was noted that the law “On exchange of credit information” will create legal base for regulating relations among the participants of the credit information exchange system. At the same time, the draft law strengthens guarantees on providing credit information to the third persons, as well as rights and liabilities of all participants of the credit information exchange system.

Foreign participants shared information on international practices of credit information exchange. They noted that the developed draft law meet international standards and help to form effective system on credit information exchange in Uzbekistan.

Strengthening of the credit information system at the law level will serve for further improving legal regulation f relations in the sphere of credit information exchange and organize activity of crediting in the country.