Situation with Unistream operations in Armenia has stabilized - Central Bank

YEREVAN. Aug 1 (Interfax) - The uncertainty surrounding the refusal of a number of Armenian banks to work with the Unistream money transfer system, which is popular in the country, is gradually fading away, and the situation has stabilized, Deputy Chairman of the Central Bank of Armenia Armen Nurbekyan said.

"In Armenia, there are six banks, if I am not mistaken, and other settlement organizations that work with the Unistream system in rubles and Armenian dram, but not in foreign currency. From this point of view, our citizens can receive appropriate services, since Unistream was a significant system through which our citizens made transfers from Russia to Armenia," Nurbekyan said at a press conference on Tuesday.

The Central Bank does not see any problems with the continuation of the transfer process at present, he said.

"The uncertainty of the beginning was high, but at the moment we see a certain stability," Nurbekyan said.

Earlier it was reported that eight out of 18 banks in Armenia had announced the termination of operations involving the Unistream payment system, whose operating bank came under US sanctions. Notices were sent out by ID Bank, Ameriabank, Armbusinessbank, Armeconombank, Ardshinbank, Converse Bank, Evocabank and Inecobank, suggesting that their customers use alternative money transfer systems.

Four banks, HSBC, Byblosbank, Armswissbank, and Fast Bank, have never worked with Unistream.

Commenting on the situation regarding Unistream, the Central Bank of Armenia said it does not plan to limit the work of local banks with this payment system, believing that they should independently regulate their risks. In addition, alternative payment systems operate in the republic, which can be used for transfers to and from Russia.