At today's meeting, the Committee on Finance, Budget, Entrepreneurship, and Competition Development discussed and approved the draft law regarding amendments to the Law of the Kyrgyz Republic "On Credit Information Exchange" in the second reading.
This draft law was initiated by the Cabinet of Ministers.
Deputy Minister of Economy and Commerce Benazir Nurlanova emphasized that the aim of developing the draft law is to improve the legislation in the field of credit information.
According to her, the draft law proposes to shorten the retention periods for borrowers' credit information, which will facilitate access to loans, reduce the burden on banks, and contribute to the development of small and medium-sized businesses.
Taking into account the proposals from the deputies, the draft law provides for a reduction in the overall retention period for negative credit history from 5 to 2 years, and for positive credit history from 7 to 5 years.
