Connection of Zolotaya Korona to NBT transfer processing center doesn’t conflict with Russia’s legislation

“Russia’s legislation permits connection of payment systems, carrying out cross-border money transfer transactions engaged, to the transfer processing center of the National Bank of Tajikistan.   There is no need to amend the Federal Law No 161 “On the National Payment System” for this,” representative of the press center of the Central Bank of Russia told Radio Ozodi in an interview.  

Recall, the National Processing Center for Remittance Management began operating in Tajikistan on December 3.  It means that all cross-border remittances without opening a bank account must be repaid through this Center.

The halt of payments through cash transfer companies followed unsuccessful negotiations between the National Bank of Tajikistan, or NBT, and representatives from the money transfer companies MoneyGram, Contact, Western Union and Zolotaya Korona (Golden Crown) that took place in Moscow on November 25.  The bulk of the money sent to Tajikistan through those companies is from labor migrants working in Russia.

According to unofficial data, Zolotaya Korona accounts for 80 percent of all remittances sent from Russia to Tajikistan.   

The companies reportedly pleaded with the NBT to allow for a six-month postponement to further clarify the finer technical and regulatory details of the payment processing center.               

Tajik regulator representatives, however, said that the payment transfer companies had been given enough time to decide how to operate in future on the Tajik market.