Uzbekistan to introduce new work rules with money transfer operators

Photo: Uzbekistan to introduce new work rules with money transfer operators / Finance

Tashkent, Uzbekistan, March 30

By Demir Azizov - Trend:

Uzbekistan will introduce the new work rules for the banks' activity with the international money transfer operators from April 1, 2014, a source in the Uzbek financial circles told Trend on March 28.

The international money transfer operators in the country must work on new regulations from April 1 in accordance with the Uzbek Central Bank's decision, according to the statement.

In particular, the operators must have a rating from international rating agencies or present bank guarantees, proving their reliability and stability.

The operators must open the deposits in foreign currency to the amount equivalent to the minimum amount of one day payment of money transfer in the local partner banks till April 1.

"Currently, the notification letters about the new work conditions were sent to the partner operators of payment systems, but all obligations under contracts are fully executed," according to the statement.

Meanwhile, some Uzbek banks have already suspended money transfer payments through some operators, including Golden Crown system. Some banks have warned customers that money transfers will be made only till April 1, emphasizing that the suspension of banking transactions is a temporary phenomenon.

The decision about the new work rules was made after Migom system was closed in Russia, some employees of Uzbek banks said. As a result, many banks had difficulties in Uzbekistan.

Migom system had 15 partner banks and more than 1,500 service points in Uzbekistan.

There are about 15 money transfer systems in Uzbekistan. The physical entities transferred $ 6.7 billion from Russia to Uzbekistan via the money transfer systems or by 17.5 percent more than in the same period of 2012, according to the Russian Central Bank.

Translated by NH

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