YEREVAN, October 26. /ARKA/. The Central Bank of Armenia (CBA) made a decision to invalidate the permits granted to “Migom” and “Zolotaya Korona” transfer systems as the companies failed to fulfill their obligations and provide services in Nagorno-Karabakh, member of the Central Bank’s Council Oleg Aghasyan told journalists Friday.

On October the 8th, the CBA invalidated the permit granted to “Zolotaya Korona” Russian company in Armenia as the operator had repeatedly, with no explanation, restricted access to the system for a number of branches of banks operating in Armenia. Earlier, the CBA banned operation of another Russian transfer system, “Migom”, in Armenia.

Aghasyan mentioned that this year the regulatory body maintains a stricter control over the fulfillment of requirements by transfer systems as many complaints are received from residents.
The monitoring showed that some transfer systems obliged to provide money transfer services in all branches of a partner bank, fail to do it in the branches registered in Nagorno-Karabakh, particularly in Stepanakert, Hadrut, Shushi.

Aghasyan said that fourteen money transfer systems operate in Armenia today. In general, four systems have been closed so far.

In July 2011, CBA’s Council invalidated the license of “Leader” money transfer system due to repeated suspension of services in regional branches of Armenian banks. Earlier, in 2008, the CBA banned the country’s commercial banks from participating in Western Union’s transfers as the WU had refused to make transfers to Karabakh.–0—