Friday, October 26 2012 18:29

Money transfer turnover in Armenia grows following growth in competition among money transfer systems


ArmInfo. The money transfer turnover in Armenia is growing following the growth in competition among money transfer systems, member of the Board of Armenia's Central Bank Oleg Aghasyan said during an international conference on money transfers in the CIS in Yerevan on Friday.

He said that the share of S.W.I.F.T. in the total money transfer turnover in Armenia has shrunk from 53% to 46% in terms since 2009 while other systems are showing stable growth.

Aghasyan said that the growth in competition is leading to lower commission charges.

He believes that the growth in order transfers is good for the country's economy. "That's why the Central Bank gives special priority to this sphere," Aghasyan said.

In 2011 the non-commercial money transfer flow grew by 13.7%: the outflow grew by 5%, the inflow by 17.5%. The share of money transfers in GDP made up 27.5%.

Organized by UNISTREAM, the conference involves representatives of national CBs, international organizations, banking organizations, payment systems and companies developing technological solutions in the field of banking.
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