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SKB-Bank says money order market to keep growing


17.10.2007
«The demand for money orders is going to keep increasing because people are interested in having their money transferred for them at a minimal cost», President of the Association of Russian Banks Garegin Tosunyan announced at the Fourth Open International Banking Conference in Yerevan.

«There are more than fifteen money order systems operating in Russia now, and none of them requires opening a bank account. People had $7.3bn transferred trough them in 2006; the increase in the cash volume has been coming to 150% to 160% a year since 2003, mainly to money being directed out of Russia», he added.

«As far as money orders are concerned, money generally flows from the richer countries to the poorer ones. A lot of customers who use the service are foreign workers who send money they made in Russia to their families in another country», SKB-Bank’s Commission-Based Services Director Lyudmila Belyaeva notes.

Statistically, most money orders are directed from Russia to Uzbekistan, Tajikistan, Ukraine, Armenia, and Moldova. Money orders that are meant for Russian citizens usually come from Europe and the West.

«The current migration trends prove that the money order market is going to keep developing. The process will be further facilitated by the bank’s ongoing efforts aimed at improving the quality of their technologies and being on the lookout for innovations», SKB-Bank’s experts say.
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