The National Bank of Tajikistan has taken a significant step by revoking the license of Western Union DP Vostok, the Russian operator of the Western Union money transfer system. However, the money transfer system will persist in the republic under a different license issued to the French operator of the system, as per to the National Bank's report, TASS informed.
The decision to revoke the license, numbered 00018, was made in response to a written application from the licensee, "Non-banking credit organization Western Union DP East." The National Bank clarified that the Western Union payment system will continue its operations in Tajikistan under the auspices of a license issued to the French operator, Western Union Network.
The regulator assured the public that funds transfer services through the Western Union payment system remain fully available to the population of Tajikistan without the need to open an account.
The development comes in the wake of Western Union's decision to halt money transfers in Russia and Belarus from March 24, 2022. Western Union DP Vostok, the payment system operator in Russia, applied to the Bank of Russia to be excluded from the register of payment system operators, leading to the cessation of services in these countries.
In its financial report published in February 2023, Western Union disclosed a 2% decrease in revenue for 2022, attributing the decline to its withdrawal from the Russian and Belarusian markets.
Earlier Daryo reported that during a recent governmental gathering in Tajikistan, President Emomali Rahmon led discussions encompassing vital elements of the country's economic and cultural panorama. The session introduced the initial unveiling of the medium-term strategy for handling Tajikistan's public debt spanning 2024-2026
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