YEREVAN, July 27. /ARKA/. The Central Bank of Armenia has embarked on creation of ARUS single system of money transfers to strengthen the country’s financial system.

The money transfer segment needs constant attention in terms of regulation and surveillance, the central bank says in its press release.

The regulator decided to do that because of some problems identified in using international money transfer systems.

ARUS is a joint project of the central bank and Armenia’s commercial banks.

According to the press release, ARUS system, based on the free competition principle, will provide cheap and high-quality services to clients.

The central bank says the system will leave no room for some foreign systems’ dominance and dictate at Armenia’s money transfers market and will create favorable conditions for consumers of money transfer services.

ARUS will also lessen risks related to insolvency/ bankruptcy of foreign systems operators or termination of these operators’ activities.

The money sender will have an opportunity to choose the most convenient and cheap way of transfer.
ARUS will facilitate the entrance of foreign systems into Armenia’s market.

The central bank’s control will be smoother, since control over a part of risks will be carried out by ARUS itself.

The central bank says that its police has never barred and will not bar foreign money transfer systems’ appearance in Armenia, and the 13 systems, including four Russian, that operate in Armenia now prove this.

Remittances to Armenia shrank 30% in 2015 to $1 208.47 million. Money transfers make up 15 to 17 percent of Armenia’s GDP. --0----