Representatives of the Central Bank, Uzbekistan Banking Association, financial-credit organizations participate in the discussions.

The law “On exchange of credit information” came into force in Uzbekistan on 1 January 2012 and it is aimed at providing credit organizations with data on potential debtors to decrease their risks and strengthen financial-credit discipline.

In line with the legislation the Central Bank of Uzbekistan launched Kreditnoy Byuro “Kreditno-Informationniy analticheskiy tsenter LLC (Credit Bureau “Credit-information analytical center”), which possesses license to carry out activities of National institute and credit bureau to gather sate registrar of credit information. The center gathers, analyzes and forms information of debtors of the banks and other credit organizations.

At the hearings, it was noted that there was credit data on 511,390 legal entities and 321,452 individuals before the law came into force. As of 1 January 2014, there are data for 839,007 business entities and 2.779 million individuals, which rose by 64% and 7 times respectively.

The participants underlined that the creation of modern credit information exchange system serves to ensure stability of the banking and credit organizations’ system. The system helps to decrease credit risks and strengthen credit discipline. The quality of credit portfolios rose, while expenses for creating reserves on bad assets decreased.

At the meeting, the participants considered issues of further developing competition among banks and credit organizations and measures on timely providing credit information to them. The committee adopted a corresponding decision at the end of the event.