Tweet
ARMENIAN CB PERMITS COMMERCIAL BANKS TO TAKE PART IN INTERNATIONAL PAYMENT AND ACCOUNT SYSTEM WESTERN UNION
ARKA News Agency, Armenia
March 14 2006
YEREVAN, March 14. /ARKA/. The Council of the Central Bank of Armenia
permitted Armenian commercial banks to take part in the international
payment system Western Union. The CBA Press Service reported that
this decision was made at the sitting of the CBA Council presided
by the CBA Chairman Tigran Sargsyan. Permission was granted to 14
commercial banks of Armenia.
In February 2006, the CBA Council made a decision to refuse the right
of participation in Western Union money transfer system to commercial
banks due to discrepancies in the WU regulation, revealed during the
examination of commercial banks' applications, submitted to the CBA.
The CBA Board's decision is to take effect from March 15, 2006.
Banks were granted the opportunity to submit new applications
for participation in the WU payment system in conformity with the
contractual amendments. The WU system started cooperating with Armenian
banks on a probation basis in 1995. The system has officially been
working in Armenia since 1996.
During the period under review 14 Armenian banks joined the WU
system. In 2005 money transfers effected by Armenian banks by means
of the system amounted to AMD 44.4bln. In 2005 the share of the WU
system in the total amount of money transfers was 16.04% and 19.85%
of their number. ($1 - AMD 452.94).
ARKA News Agency, Armenia
March 14 2006
YEREVAN, March 14. /ARKA/. The Council of the Central Bank of Armenia
permitted Armenian commercial banks to take part in the international
payment system Western Union. The CBA Press Service reported that
this decision was made at the sitting of the CBA Council presided
by the CBA Chairman Tigran Sargsyan. Permission was granted to 14
commercial banks of Armenia.
In February 2006, the CBA Council made a decision to refuse the right
of participation in Western Union money transfer system to commercial
banks due to discrepancies in the WU regulation, revealed during the
examination of commercial banks' applications, submitted to the CBA.
The CBA Board's decision is to take effect from March 15, 2006.
Banks were granted the opportunity to submit new applications
for participation in the WU payment system in conformity with the
contractual amendments. The WU system started cooperating with Armenian
banks on a probation basis in 1995. The system has officially been
working in Armenia since 1996.
During the period under review 14 Armenian banks joined the WU
system. In 2005 money transfers effected by Armenian banks by means
of the system amounted to AMD 44.4bln. In 2005 the share of the WU
system in the total amount of money transfers was 16.04% and 19.85%
of their number. ($1 - AMD 452.94).