Central Bank of Armenia may ban some money transfer systems

YEREVAN, October 26. /ARKA/. The Central Bank of Armenia (CBA) does not exclude possibility of banning some money transfer systems that have problems in meeting CBA’s requirements, member of CBA’s Council Oleg Aghasyan told journalists Friday. Fourteen money transfer systems operate in Armenia today, Aghasyan said. 

On October the 8th, the CBA invalidated the permit granted to “Zolotaya Korona” Russian company in Armenia as the operator had repeatedly, with no explanation, restricted access to the system for a number of branches of banks operating in Armenia. Earlier, the CBA banned operation of another Russian transfer system, “Migom”, in Armenia.

“Some companies have similar problems, and that’s why the CBA made a new requirement to the companies to place all service point locations, where people can get a transfer, on their official websites. This information should be also available at all service points,” Aghasyan said.

He mentioned that all the operators have been notified of the decision and are obliged to meet the requirement within the time specified. Aghasyan stressed that the regulatory body is constantly monitoring the money transfer flows.

After two money transfer systems were closed, their share of flow has been distributed between the others. “We are closely watching the processes”, Aghasyan added.

Non-commercial transfers to individuals through banks exceeded one billion dollars in Armenia in January-August 2012, which is an 8.3% increase against the same period of last year. Transfers from Armenia abroad totaled about 178.9 million over the eight months, an 8.1% increase compared to 165.5 million dollars the year before. -0-