Despite some decline in remittances in 2011, a 20 per cent rise is expected this year, deputy general director of Areximbank-Gazprombank Group CJSC Ruben Khachatryan said.
“Following the crisis, Armenian bank system records significant decline in remittances over the past years. Two key factors contribute to this: first, the international financial crisis and second, tough competition between the banks,” he said.
Khachatryan noted that almost all banks offer international money transfer service to their clients, and the conditions are almost the same. “Market is overloaded by the supply; therefore, demand is also declining. Such was the case in 2011in our bank as well. Remittances of natural persons through various money transfer system were cut by 20% making AMD 5 billion against AMD 6.2 billion in 2010,” he mentioned.
Currently Areximbank provides international money transfer services through “BYSTRAYA POCHTA”, “MIGOM”, “CONTACT”, “MONEYGRAM”, “BLIZKO” systems.
The bank intends to connect to ANELIK and UNISTREAM systems in the near future; also, negotiations are underway with another payment system which ensures 50% of remittances in Russia and CIS states.
