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Money transfer systems still operational between Kyrgyzstan and Russia

Kyrgyzstan Materials 3 April 2024 16:12 (UTC +04:00)
Money transfer systems still operational between Kyrgyzstan and Russia
Abdullo Janob
Abdullo Janob
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BISHKEK, Kyrgyzstan, April 3. The possibility of conducting money transfers from Kyrgyzstan to Russia through money transfer systems remains intact, Trend reports.

The statement was issued by the National Bank of Kyrgyzstan in response to the cessation of servicing the Russian Mir card in the country.

It is also noted that the possibility of conducting money transfers from Kyrgyzstan to Russia and vice versa using mobile applications of commercial banks, which have the corresponding permissions, is preserved.

According to the bank's statement, the National Bank does not interfere in the current activities of banks, non-banking financial and credit organizations, and other legal entities under its supervision, except in cases provided for by this constitutional law and the legislation of Kyrgyzstan.

It was noted that the Interbank Processing Center (IPC), which operates Elcart Kyrgyzstan's payment system, independently made the decision to cease servicing the Mir card.

The center reported that this was done to mitigate the risk of potential further sanctions. The IPC reminds that, on February 23, 2024, the US Department of the Treasury sanctioned the National Payment Card System, the operator behind the Mir payment card system.

The National Bank noted that using Mir cards for non-cash transactions and ATM cash withdrawals, card-to-card transfers, and online payments for business and service accounts is no longer an option for users as of April 3.

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