During the meeting of the Jogorku Kenesh, Deputy Minister of Economy and Commerce Binazir Nurlanova presented a draft law concerning changes to the legislation on credit information in Kyrgyzstan.
She noted that the current practice of storing positive credit information is 7 years, while negative information is stored for 5 years.
“This situation creates problems for borrowers who have previously fulfilled their credit obligations successfully, but when they reapply to banks, they face refusals. As a result, citizens and entrepreneurs have to turn to microcredit organizations or unofficial sources of financing,” Nurlanova emphasized.
Additionally, she added that there are more than 20,000 small and medium-sized enterprises in Kyrgyzstan, and the total number of individual entrepreneurs exceeds 500,000, of which 96.1% are microenterprises.
According to the proposed changes, the initiators of the draft law plan to reduce the storage period for negative credit information from 5 to 3 years, and for positive information from 7 to 5 years. It is also proposed to establish a storage period for information on loans up to 10,000 soms for one year, she noted.
