Cyprus prepares credit reform
The Parliament of Cyprus is considering a package of seven bills aimed at creating a unified credit data exchange system and introducing credit ratings for citizens and businesses.
The reform is a mandatory condition for receiving the next tranche of EU funding under the recovery program.
The new system will allow for the formation of a unified credit score based on data from the last 2–3 years and assess the risk of non-payment. The Central Bank will gain control over the system.
The changes are expected to help reduce credit risks and cut down on non-performing loans.
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