Azernews.Az

BAKU – Azerbaijan’s Central Bank has lifted the ban on the operation of Russia’s Contact money transfer system in the country.

Head of the Central Bank’s department in charge of lending institutions’ oversight, Rashad Orujov, said Contact is back on track and the bank has sent a formal letter notifying commercial banks that the ban has been cancelled.

The Central Bank earlier revealed during a monitoring of international money transfer systems used in Azerbaijan that Contact transfers were being carried out in the Armenia-occupied territories. The bank had previously issued warnings to these money transfer systems demanding to halt such illegal transfers, saying that, otherwise, cooperation with these companies would be banned for all banks operating in Azerbaijan. Since Contact continued to operate in the occupied territories, the Central Bank outlawed the company in the domestic banking system from August 2. Recently, Contact said it had discontinued its operations in the occupied land.

Azerbaijani banks stopped cooperating with the Migom and Leader money transfer systems for the same reasons in June.