Azerbaijan, Baku, 5 August / corr. Trend I.Khalilova / The National Bank of Azerbaijan (NBA) continues to account the volume of operations via the international payment systems, including Western Union and Moneygram, held by the Azerbaijani banks until the cancellation of cooperation because of violating the country's national interests by these systems, the NBA said on 4 August.
On 30 July, the NBA instructed business banks to cancel money transfers via Western Union and Moneygram, which continues operations in the Azerbaijani territory, occupied by Armenia. Despite the NBA's demand to cancel money transfers through this territory, the payment systems have not implemented this demand.
Eldar Ismayilov, the President of the Azerbaijani Banks Association, considers that this action of the payment systems will damage themselves, because Western Union and Moneygram will lose a big client base in Azerbaijan, which will not be covered by the operations hrough one bank in Khankendi.
"The Association supports the NBA's actions, because these payment systems, which achieved the international trust, violate the international banking legislation while supporting separatist movement," Ismayilov said.
The International Bank of Azerbaijan (IBA), the hugest bank of the country, which has transferred about $20mln via Moneygram system, considers that suspension of operations will not affect the bank's activities (IBA does not cooperate with Western Union.). The bank established relations with many payment systems, including Blizko, Contact, Migom, which render services at more favorable terms than Western Union and Moneygram, Rauf Agayev, the spokesman for the IBA, said.
The IBA realizes money transfers with Russia, with major part of transfers to Azerbaijan, through the system established jointly with the IBA-Moscow subsidiary bank, whilst transactions with far foreign countries are realized via other systems. Generally, the IBA reduced the volume of money transfers through Moneygram as compared to previous years, Agayev said.
Earlier, as a result of definite measures, the Russian Foreign Trade Bank suspended the Khankendi Office of its subsidiary VTB Armenia bank.
The exchange rate for US dollar was AZN 0.809 on 4 August.
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