Yerevan, October 12 /Mediamax/. The President of the Association of Russian Banks (ARB) Garegin Tosunian described it as “not a very adequate measure” the attempt of making amendments in the Russian legislation to prohibit the money transfers from Russia to Georgia.

Mediamax reports that Garegin Tosunian said this on October 11 news conference in Yerevan, devoted to the beginning of the International Interbank Conference “Money Transfers. Retail Banking Services”.

The ARB President noted that “the given situation brings up negative emotions”. At the same time, Garegin Tosunian stated, the point here is not the prohibition of money transfers, but the handing over of the competence from the Central Bank to the Russian government.

“This means that if the amendments are approved, the Russian government, and not the Central Bank may prohibit the money transfers from Russia to Georgia”, the President of ARB stated, voicing the hope that in the end “the sense will prevail”.

Garegin Tosunian said that in case of prohibition, the Russian banking sector will not suffer much, as the whole volume of money transfers from Russia to Georgia makes $300mln, and from Georgia to Russia - $100mln. However, according to the ARB President, “psychologically, this is not very pleasant for the banking sector as a whole”.