Operations through national interbank payment system on major payments increase by more than 7times in 2010

Business Materials 11 January 2011 12:23 (UTC +04:00)

Azerbaijan, Baku, Jan.11 / Trend, N.Ismayilova /

As a result of 2010, payments operated through the Azerbaijan Interbank Payment System (AZIPS) hit 78,425 billion manat, which is 7.3 times more than the figure of 2009, the Central Bank of Azerbaijan (CBA) said.

Amount of payments though AZIPS in December increased by 87 percent and hit 11.29 billion manat. In November it hit 6.033 billion manat.

As a result of 2010, transactions through the Azerbaijan's low-value settlements and clearing system (XONKS) hit 6.409 billion manat, increasing by 9.4 times compared to 2009. This figure amounted to 466 million manat in December 2010. Amount of payments through XONKS   decreased by 10.6 percent compared to November of 2009.

Payments operated through AZIPS hit 37,000 and XONKS - and 989,000 in December 2010. In total in 2010 363,000 payments were operated through AZIPS system, while 9785 thousand payments through XONKS. In the number of AZIPS users totaled 50 and XONKS users hit 53.

CBA National Payment Systems for small payments (XONKS) and large payments (AZIPS) were created under the state program of development of the national payment system in 2005-2007. The center for utility has been created on the basis of XONKS. It provides an opportunity to transfer funds and receive accounts on-line. It will be possible to avoid abuses in the bank branches.

On Jan.11, the official exchange rate is 0.7976 manat to $1.