BAKU, Azerbaijan, March 29. Russian MTS Bank has suspended transfers in Azerbaijani manat via the SWIFT system since March 29 amid a lack of demand for this service, Trend reports via TASS.
"Transfers in Azerbaijani manat via the SWIFT system were suspended due to the actual lack of demand for this service. Meanwhile, we continue to develop cross-border money transfers for individuals to Azerbaijan in Russian rubles with transfers being credited to cards in the account currency," the credit organization said.
It was noted that in January 2023, MTS Bank expanded the functionality of the service to allow instant replenishment of cards of any bank in Azerbaijan denominated in manat as well as in dollars and euros (depending on the account currency).
MTS Bank is a universal commercial bank founded in 1993. It is one of the 50 leading Russian Banks in terms of assets. The main shareholder is Mobile TeleSystems B.V. LLC. The primary product categories offered by the bank include POS financing, personal cash loans, credit/debit cards, payment transactions, and B2B services such as solutions for SMEs and accounts receivable factoring.