Blizko System Of Money Transfers To Operate Throughout Armenia As Of

BLIZKO SYSTEM OF MONEY TRANSFERS TO OPERATE THROUGHOUT ARMENIA AS OF SEPTEMBER

ARKA
June 17

Blizko system of money transfers is to operate
throughout Armenia as of September.

HayPost (Armenian Post) company joined the Blizko system of money
transfers on June 2, the Press Service of HayPost reported. Blizko
system has over 3,200 centers, including 800 centers in Russia with
100 of them being in Moscow.

Money transfers through Blizko system give an opportunity to get the
amount in a minute, while the eight-digit code ensures security and
reliability of the transaction, says the report.

Blizko system is to operate in compliance with the policy CBA (Central
Bank of Armenia). Particularly, all payments are to be effected in
Armenian drams. In the beginning, Blizko system will be available in
five post offices of the country.

Introduction of the system will give Haypost an opportunity to take
a larger part in the market of money transfers and offer Armenian
citizens more reliable and accessible services in this sector, said
Hans Boon, General Director of HayPost closed joint stock company.

He also said that HayPost intends to introduce more comfortable
international systems of money transfers, which will allow the company
turning into a universal company effecting money transfers. Blizko
system of money transfers is introduced in Armenia together with
Russian Sviaz-Bank.

Earlier Executive Director of Sviaz-Bank open joint stock company
Andrey Laykov said that money transfers between Russia and Armenia
are expected to total about $1.6-2bln drams in 2008 against over
$1bln drams in 2007. He said that in the beginning Blizko system is
expected to attract about 10% of the overall volume of money transfers.

Maximum one-time transfer through Blizko is $10,000 with the payment
for transfer constituting 1.5-2.3% of the amount being transferred.

HayPost closed joint stock company is the national post operator of
the Republic of Armenia. It has 900 post offices and 41 regional
departments throughout the country. The company’s staff is
4,000 people. Under the agreement signed on November 30 HayPost
was transferred in trust of the Dutch HayPost Trust Management
company.