YEREVAN, September 6, /ARKA/. The Central Bank of Armenia Council said it has allowed London -Yerevan insurance company to stop its operation. The related decision was made based on several provisions of the laws on Central Bank of Armenia, Insurance and Insurance Activity and in view of a Central Bank May 11 decision on a preliminary approval of stopping the activity of London-Yerevan insurance company. The decision was backed also by a conclusion made by the Central Bank commission on licensing and supervision on August 26.

By another August 31 decision the Central Bank invalidated two licenses granted to MGPay System, for organization of money transfers and implementation of processing and clearing of payment instruments and documents. -0-

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