Central Bank holds awareness event on importance of the State Registry for Encumbrance of Movable Property in the financial ecosystem and international rankings

12-02-2024

12 February 2024, Baku: The Central Bank is constantly focused on improving the business environment and the country's position in international rankings, widening access to finance for entrepreneurs and increasing financial inclusion.

An awareness-raising event was held for representatives of commercial banks to raise awareness of the State Registry for Encumbrance of Movable Property (Registry), which participated in the evaluation of the World Bank's Business Enabling Environment project under the Financial Services indicator.

At the event, representatives of banks operating in the country were presented with the activities and advantages of the Registry (https://mpcr.e-cbar.az), which was created to stimulate the movable property-based financing ecosystem in our country and improve access to financial resources for business entities, the opportunities created on the legal basis for movable property-based financing, the current and future possibilities of encumbrance of movable property, and discussions were held on their merits.

We would like to inform you that the Central Bank is continuously taking measures to promote the possibility of obtaining loans by pledging movable assets and is closely cooperating with international organisations. Thus, in 2023, the number of collateral agreements based on movable assets doubled and exceeded 200,000. The most frequently used categories were bank accounts, jewellery, goods, furniture, animals, and equipment.

In order to facilitate the access of the country’s population and businesses to financial resources and to ensure the wide use of new financial instruments, the Central Bank plans to hold regular meetings on this topic.