BAKU, Aug. 12 — The Central Bank of Azerbaijan (CBA) has amended the “Rules on Submitting Information on Borrowers to the Centralized Credit Register,” introducing stricter deadlines and broader reporting requirements for lenders.
Under the new order signed by CBA Chairman Taleh Kazimov, banks must now submit data on new loans and repayments within one business day, while other borrower-related information — excluding financial statements — must be reported within the first four business days of the following month. Financial statement data will be submitted at least once a year. Previously, new loan data were only required by the fourth business day of the next month.
The changes also give data providers — including banks, non-bank credit institutions, and credit unions — the authority to correct existing records themselves, in addition to corrections made via written or electronic requests or court rulings. Furthermore, in cases of joint loans, the full loan amount will be recorded under each co-borrower’s profile, with a note indicating their shared liability.
The amendments will take effect six months after publication for banks and nine months for non-bank credit institutions and credit unions, and will apply to all outstanding loans as of that date.
The CBA’s Legal Support Department has been instructed to submit the decision to the Ministry of Justice for inclusion in the State Register of Legal Acts within three days.
