Western Union international money transfer system is prohibited in Armenia.

According to the Armenian Central Bank Council August 25 decision, Western Union international money transfer system is prohibited in Armenia. The council decided to prohibit participation of the Armenian banks in the mentioned system and annul the contracts with it. The decision is motivated by the Armenian banks’ risk management.

To recall, Azerbaijan has recently demanded that Western Union, Money Gram and other money transfer systems should stop their operation in the Republic of Nagorno Karabakh, otherwise, it would prohibit those systems’ operation in Azerbaijan. After that, Western Union and Money Gram stopped their operation in Stepanakert branches of “Artsakhbank”, “Unibank” and “Armeconombank”.

In fact, the Central Bank of Armenia gave an adequate answer prohibiting the operation of the Western Union in Armenia.

To our question if the other systems continue to operate in Armenia, the press service of the Central Bank of Armenia answered positively. Consequently, only Western Union believed in the Azerbaijani threats. The other systems in Armenia will hardly want to be deprived of the Armenian market. Though in that case they will probably lose their opportunity of functioning in Azerbaijan.

Anyway, the Armenian-Azerbaijani conflict this time again with the efforts of the Azerbaijani party moved to the sphere of money transfers.

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