Announcement

Collapse
No announcement yet.

Armenia Bans Operation Of Western Union On Its Territory

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Armenia Bans Operation Of Western Union On Its Territory

    ARMENIA BANS OPERATION OF WESTERN UNION ON ITS TERRITORY

    Today.Az
    http://www.today.az/news/polit ics/47174.html
    Aug 25 2008
    Azerbaijan

    The Board of the Central Bank (CB) of Armenia decided today to
    forbid all the banks on the territory of Armenia to participate in
    the international Western Union money transfer system.

    As Mediamax was told in CB press service, the banks were ordered to
    annul the cooperation agreements with Western Union in an envisaged
    order.

    The CB press service informed that this decision was made to reduce the
    banking risks as "there are cases of unfounded violation of agreement
    provisions between Western Union and several banks acting on the
    territory of Armenia. Thus, in branches of several banks the money
    transfer system stopped service which can harm the usual activity of
    the banks, their financial status, lead to an unexpected situation
    in the sphere of money transfers, as well as influence the economic,
    financial and real sectors of the country."

    Mediamax recalls that earlier Azerbaijan demanded that Western
    Union, Moneygram and some other systems stopped their activity in the
    "Nagorno-Karabakh Republic" (NKR) threatening to ban the activity of
    the systems in Azerbaijan. As a result of this, several money transfer
    systems stopped their activity in "NKR".
Working...
X