Yerevan /Mediamax/. The Board of the Central Bank (CB) of Armenia decided today to forbid all the banks## on the territory of Armenia to participate in the international Western Union money transfer system.

As Mediamax was told in CB press service, the banks were ordered to annul the cooperation agreements with Western Union in an envisaged order.

The CB press service informed that this decision was made to reduce the banking risks as “there are cases of unfounded violation of agreement provisions between Western Union and several banks acting on the territory of Armenia. Thus, in branches of several banks the money transfer system stopped service which can harm the usual activity of the banks, their financial status, lead to an unexpected situation in the sphere of money transfers, as well as influence the economic, financial and real sectors of the country.”

Mediamax recalls that earlier Azerbaijan demanded that Western Union, Moneygram and some other systems stopped their activity in the Nagorno-Karabakh Republic (NKR) threatening to ban the activity of the systems in Azerbaijan. As a result of this several money transfer systems stopped their activity in NKR.