CENTRAL BANK OF ARMENIA TO BAN TRANSFER SYSTEMS DISCIMINATING AGAINST COUNTRY’S BANKING SYSTEM

ARKA
Sep 29, 2008

YEREVAN, September 29. /ARKA/. The Central Bank of Armenia (CBA) will
ban the money transfer systems that discriminate against Armenia’s
banking system, said CBA Deputy Chairman Vache Gabrielyan, commenting
on the ban imposed upon the Western Union system.

"All the systems that give priority to certain Armenian banks,
depending on their geographical situation, should change their policy,"
he was quoted saying.

Gabrielyan approved of the Money Gram system, saying it had never
discriminated against any local bank. This is the reason why the
system successfully cooperates with Armenian and Karabakhi banks and
their branches.

CBA has prohibited Armenia’s banks to collaborate with Western Union,
as the latter refused to make money transfers to Karabakh in order
to be allowed to do business in Azerbaijan.

Alongside with SWIFT, 16 other systems do business in Armenia. They
are as follows: Money Gram, Anelik, Unistream, Bistraya Pochta (Swift
Mail), Interexpress, Contact, Lider, Migom, as well as Privat Money,
Transfer, STB Express, Faster, Blizko, Zhivie Dengi (Lively Money)
and others.

A number of non-banking organizations offer money transfer services
in Armenia. Among them are HayPost (Armenian Post), TelCel, Depi Tun,
Elver, Parvana Money Payment and Acocunt System, Tandem Payments,
Mega Pantera and o thers.