Finance

Finance

Turnover on IBA-Express money transfer system rises

21 February 2012 10:47 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Through IBA-Express money transfers system AZN 61.125 mln funds were sent to Azerbaijan from Russia, up 2.2% compared to 2009.

The volume of money transfers from Russia to Azerbaijan amounted to 132.633 million rubles and 763.223 thousand euros. During the reporting period the volume of transactions in the euro fell by 39%, the amount - 6.2%.

The volume of remittances in dollar made through this system from Azerbaijan to Russia grew by 31% to 7.350 million. At the same time, last year citizens of Azerbaijan sent 10.804 million rubles and 172.028 thousand euros to Russia. During the reporting period the volume of transactions in the euro fell by 70%.

The number of transfers to Russia in the dollar in 2009-2011 increased by 83% to 2,181, and the number of transactions in euro amounted to 60.

Remind that, system IBA-Express, prepared by the IBA-Moscow provides for individuals implementing fast money transfers from Azerbaijan to Russia and back in for 5-10 minutes at a commission of 1%.

Expansion of branch network of IBA-Moscow has contributed to expand the geography of the system, increasing the number of operations. IBA-Express service can be used not only in Moscow but in St. Petersburg and Yekaterinburg. Due to increasing interest in this system, this service has begun to be applied in Georgia too by â€“ IBA-Georgia. One of the advantages of the system is the ability to transfer money in three currencies. Thus, you can send money without any conversion operations.

IBA-Moscow has been in operation since 2002.