EXPRESS MONEY TRANSFERS TOTAL AMD 385.8 BLN IN ARMENIA IN 2007

ARKA
Feb 21 2008

YEREVAN, February 21. /ARKA/. Express money transfers made by Armenia’s
commercial banks (without opening accounts) totaled AMD 383.8bln in
2007, exceeding by 9.8pct transfers abroad. 1,527,585 transfers were
made in Armenia in the reporting period, the Central Bank of Armenia
(CBA) reports.

Money transfers increased by 1.2pct (AMD 70.4bln) in 2007 compared
with 2006. Net inflow of transfers through banks totaled AMD 346.5bln
in 2007 – AMD 69.5bln increase compared with 2006.

The average annual amount of a transfer totaled AMD 235,000 in the
reporting period. Money transfer organizations paid AMD 3.5bln to
their customers in 2007. AMD 718mln was transferred abroad in the
period under review. The average amount of a transfer totaled AMD
101,000 in 2007. Money transfers through organizations included in
international transfer systems were also made via Armenian commercial
banks, according to CBA.

Private money transfers (without opening an account) are made through
Armenian commercial banks. Alongside with the traditional SWIFT Money
Transfer System, Armenian banks are cooperating with the Western
Union, Money Gram, Anelik, Unistream, Bistraya Pochta, Interexpress,
Contact, Leader, Migom, Privat Money Transfer, STB Express, Faster,
Blizko and Zhivie Dengi international systems.

Such non-banking organizations, as HayPost (Armenian Post), Contact,
Travelex and Stefi, as well as Depi Tun conduct money transfer
activities ($1 – AMD 310.15).

From: Emil Lazarian | Ararat NewsPress