The initiative belongs to the Chairman of the Cabinet of Ministers.
“This draft law proposes to reduce the storage periods for borrowers' credit information, which, in turn, will simplify access to loans, reduce the burden on the banking sector, and contribute to the development of small and medium-sized businesses,” noted Deputy Minister of Economy and Commerce Benazir Nurlanova.
According to her, the goal of the draft law is to improve legislation in the field of credit information.
“Taking into account the proposals from the deputies, it is suggested to reduce the overall storage period for negative credit histories from 5 years to 2 years, while the storage period for positive credit histories will be reduced from 7 years to 5 years,” Nurlanova added.
