"RUSSLAVBANK", operator of CONTACT payment system, stated today that it is unhappy with the decision of the Armenian Central Bank to revoke the license on CONTACT's operation in Armenia.

"Over more than a decade of our operation in Armenia, "RUSSLAVBANK" CJSC as operator of CONTACT payment system fulfilled all the requirements of the legislation and regulators of the financial market. And up to now, it hasn't got any notice from the financial authorities of the republic and from its numerous partners which would indicate violations of contract obligations and rules of operation of the payment systems on the territory of Republic of Armenia. "RUSSLAVBANK" CJSC doesn't recognize the reason of the ban as indicated in the decision - "violation of a number of provisions under the agreements concluded with the Armenian banks and not ensuring of their right to the access to the payment system", the statement reads.

""RUSSLAVBANK" CJSC assesses the Armenian CB's decision as a protectionist measure aimed at forced limitation of competition on the commercial markets, in particular, among the money transfer systems, which undoubtedly will affect the growth of prices for money transfer services for customers sending money funds to the country. We think that such decisions substantially affect the investment attractiveness and transparency of business conditions in the country", the statement reads.