$500 mln turnover in Armenia in Jan-Aug

25.09.2008

The amount of transactions the international money transfers system UNIStream processed in Armenia in Jan-Aug has exceeded $500 mln, up 36 percent compared with the same period of 2007. In the first 8 months of the last year the system fulfilled the transactions worth $367 mln.

The system has worked in Armenia since 2001 and is now the number one operator in the republic, market share – wise. It operates in all principal cities including Yerevan, Abovyan, Armavir, Vanadzor and others.

The CEO for UNIStream, Souren Hayriyan said Armenia is one of the fastest developing segments in the CIS [remittances] markets. He said such high growth indicators became possible due to the success the system has in realization of numerous interesting projects including unique ones.

One of them is a joint project with the Central Bank of Armenia to support the national currency last year. The clients did not pay any commission whatsoever sending money in the national currency, dram.

The project significantly contributed not only in the progress the system made in Armenia but also helped support the national currency stability. He pointed out the height growth rates the system has in the CIS in general. Controlling over 30 percent of the CIS market, UNIStream is number one not only in Armenia but also in Kyrgyzstan (over 50 percent market share), Moldova (over 35 percent), the number two in Ukraine, Uzbekistan and Tajikistan.



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