REGULAR MEETING OF INITIATIVE WORKING GROUP OF PAYMENT SYSTEMS CIS OPENS IN YEREVAN

ARKA
Sep 30, 2009

YEREVAN, September 30. /ARKA/. The two-day meeting of the initiative
working group of payment systems of the CIS has opened in Yerevan.

This was reported on Tuesday in the Service of Public Relations of
the Central Bank of Armenia.

Welcoming the participants of the meeting, deputy chairman of the
Central Bank Vache Gabrielyan said that the activities of payment
and settlement system are important not only for the development of
banks and financial entities, but also the entire economy as a whole.

Deputy Chair of the Central Bank said that the CIS countries have a
similar experience in this area, which might come in handy.

He also highlighted the provision of financial literacy and consumer
protection areas.

During the meeting it is planned to discuss the issues in the
regulation of wholesale payments, based on new technologies,
financial literacy and advocating the rights of consumers in payment
and settlement services.

Representatives of the World Bank as well as the central banks from
Ukraine, Russia, Kyrgyzstan, Tajikistan, Kazakhstan and Armenia are
scheduled to present in the during the two day meeting.

The initiative working group of payment systems of the CIS countries
includes Armenia, Azerbaijan, Belarus, Kazakhstan, Georgia, Uzbekistan
and Turkmenistan.

The main task of the group is to assess and reform of the settlement
and payment systems and securities settlement systems in order to
develop strategies to improve their safety, efficiency and integrity,
as well as the development of further steps.