Over 300,000 Debtors on Banks' Blacklists. Ministry of Economic Development Amends the Law

At the meeting of the Jogorku Kenesh held on January 28, it was revealed that over 300,000 debtors in Kyrgyzstan have been included in the banks' blacklist for loans. Deputy Minister of Economy and Commerce Benazir Nurlanova presented the draft law "On the Exchange of Credit Information."

She reminded that according to the current legislation, credit bureaus are required to store:

positive credit information - for 7 years from the date of full repayment;
negative information - for 5 years;
data on loans issued by pawnshops - for 1 year.

According to her, taking into account the sustainable economic growth in the country, it is proposed to reduce the storage periods for negative information to 3 years, and for positive information to 5 years. It is also planned to reduce the storage period for negative information on transactions amounting to up to 10,000 soms to one year.

Additionally, the draft law includes a provision that if the credit information is provided by a liquidated supplier, the storage period is reduced to 2 years from the date of the last change.

It is expected that the adoption of this draft law will:

create more favorable conditions for about 200,000 borrowers who are on the blacklist;
increase the availability of loans for individuals and small enterprises;
stimulate the development of small and medium-sized businesses;
reduce the level of shadow lending and the growth of microloans outside the official system.

Deputy Dastan Bekeshev suggested considering the possibility of excluding from the blacklist those citizens who became victims of fraud when applying for loans.

As a result of the discussion, the parliament approved the draft law in the first reading.

The photo on the main page is illustrative: toptver.ru.

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