The Committee on Finance and Budget, as well as the Development of Entrepreneurship, today approved a bill concerning amendments to the existing Law of the Kyrgyz Republic "On the Exchange of Credit Information" in its second reading. This bill was proposed by the Cabinet of Ministers.
The Deputy Minister of Economy and Commerce, Benazir Nurlanova, emphasized that this legislative change is aimed at improving the legal framework in the field of credit information. She noted that "the bill includes a reduction in the storage periods of credit information about borrowers, which will simplify their access to loans, reduce the burden on the banking system, and contribute to the development of the small and medium-sized business sector."
As a result of discussions and proposals from deputies, the bill proposes to reduce the overall storage period for negative credit history from five to two years, and for positive history from seven to five years.
