UNIStream’s turnover in Armenia expected at $600mln

The head of the Armenian leading financial institution Unibank, Vardan Hatayan sees the turnover of the international money transfers system UNIStream in Armenia at $600 million in 2007. UNIStream started its operations in the republic in 2001 and is now recognized to be the number one money transfers provider in the country.

Working in the partnership agreement with Unibank since very beginning, UNIStream has been demonstrated a stable growth in the republic. In the first 6 months of 2007, the amount of transactions of the system in Armenia increased 1.7 times to $226 million on year.

The CEO for UNIStream, Souren Hayriyan said that the republic is one of the most strategically important corridors in the CIS. The company plans to keep its leadership positions there and further step up its activity financially and operationally. According to the data by the Central Bank of Armenia, the current UNIStream’s market share is 47% in the republic.

Money transfers play now a vital role in the country’s economy. The CBA said the volume of transfers exceeded $1 billion in the republic in 2006 while this year the CBA sees the amount at over $1.35 billion.
Mr. Hatayan highly appreciated cooperation with UNIStream and stressed that the amount of money coming to the country via UNIStream contributes 10% to the republic’s GDP.

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