Unistream system turnover totals $658 mln in Armenia in 2007

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Economy

02.02.2008, 03:29

The UNIStream transfer system’s turnover totaled $658mln in Armenia in 2007 – 1.6pct increase. UNIStream’s share in the country’s money transfer system was 50%, the Central Bank of Armenia (CBA) reports.

YEREVAN, February 1. /ARKA/. The UNIStream transfer system’s turnover totaled $658mln in Armenia in 2007 – 1.6pct increase.

UNIStream’s share in the country’s money transfer system was 50%, the Central Bank of Armenia (CBA) reports.

The system’s share in incoming transfers (90% of the market) was 52.39% in 2007 – 5% increase as compared to 2006.

According to the company’s experts, the system kept increasing in Armenia continued throughout 2007. Transactions totaled $93mln in the first quarterly period of 2007. In the second quarterly period, they increased to $139mln. $200mln worth UNIStream transfers were made in Armenia in the third quarterly period. Finally, $225mln worth transactions were made in the fourth quarterly period of 2007.

The system’s development in Armenia is one of the basic components of the UNIStream’s strategy in the CIS, General Director Suren Hayriyan said.

In Armenia, the system operates through its exclusive partner Unibank which introduced the UNIStream system in 2001.

The UNIStream system controls about 25% of the CIS money transfer market. As of 2006, the overall turnover of the system made $1.85 bln. The company operates more than 30 000 offices in 85 countries of the world and serves about 800 thousand clients annually. The expected turnover of the system for the end of 2007 is $4 bln. Z. Sh. –0--

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