Yerevan /Mediamax/. Armenian parliament approved in the first reading today## the draft law on “Circulation of credit information and activity of credit bureaus”.

Mediamax reports that the Chairman of the Central Bank of Armenia Artur Javadyan noted on Tuesday that the draft law aims at establishing a legal basis for the activity of credit bureaus, regulating collection of credit information and preparing credit reports.

CB Head reminded that one credit bureau already functions in Armenia. Many commercial banks are share-holders of the given bureau. According to him, the new law will allow developing a scoring system in Armenia, establishing mechanisms for assessments of crediting risks and protecting the creditors’ rights, increasing the volumes of financial mediatory and credit activity in the financial market of the country, creating additional mechanisms to protect consumer rights in the financial market.

While elaborating the draft law, they took into account the leading international experience. Artur Javadyan informed that the document had undergone examination of international experts within the framework of USAID FSDP program.

Armenian parliament approved in the first reading today the draft law on “Making changes and amendments to the law on “Accounting”” as well.

Artur Javadyan stated that the draft law provides for compulsory transition of financial organizations to international standards of financial statements provision. For other organizations the transitions will become compulsory after the publication of the official translation of those standards, starting from January 1, 2009, but not earlier than 6 months after the publication.