Today, the Senate members approved a bill providing for the exchange of credit histories within the countries of the Eurasian Economic Union with appropriate mechanism and procedure. It should be noted that each resident of any EAEU country was entitled to apply to a second-tier bank for a loan within the union before, yet the issue of exchanging credit histories was unresolved. Now the agreement will not only fill this gap, but also facilitate cross-border lending. It is worth mentioning that to date about 2,000 individuals and 42 legal entities of other EAEU countries have loans in Kazakhstan’s banks with a total amount close to 120 billion tenge.
“First of all, this will increase access to banking services for bona fide borrowers, making it easier for them to get a loan from a bank in any EAEU country. Secondly, this will protect the banks that will be able to check the borrower’s reliability and reduce risks. The agreement provides for a procedure of exchange and a list of transferred information, including the credit report request, the credit report itself, the consent of the borrower, as well as documents for disputing possible errors in credit history. All parties are obliged to ensure the received information is protected,” said Senate member Sergey Karplyuk.
Today the Upper House of the Kazakh Parliament ratified another agreement to establish the branch of the Central Asia Regional Economic Cooperation (CAREC) Institute in Kazakhstan headquartered in China. The institute will ensure the efficiency of scientific research and the implementation of joint collaborative regional projects.
Editor: Admin
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