Shahla Kasimova, deputy director of the system on development in CIS, said that Ipoteka Bank and Zolotaya Korona – Money Transfers have been working since June 2010. She said that the bank holds leading positions in Uzbekistan on key indicators, including the volume of international money transfers. She added that small cities and rural areas have received access to sending remittances through Zolotaya Korona – Money Transfers.

Shakhnoza Hikmatova, deputy head of department of international money transfers of Ipoteka Bank, said the bank started to cooperate with Zolotaya Korona – Money Transfers in June of 2010 and the bank connected all its point to the system in August 2010. She added that the bank received significant income from cooperation with Zolotaya Korona – Money Transfers.

Hikmatova said that Zolotaya Korona – Money Transfers claimed the second place in the rating of ninternational money transfers at Ipoteka Bank in July-December 2010. As of 1 May 2011, the inbound remittances through the system increased twice compared to last year and Zolotaya Korona – Money Transfers hold leading position at the bank.

The clients choose Zolotaya Korona – Money Transfers for its affordability, simplicity, speed, security and reliability.

From 20 May 2011, Ipoteka Bank stared to send outbound remittances from Uzbekistan c its all points. This attracted more clients and increased demand for service among the population. This also increased cash inflow to the bank, which is also important, Hikmatova said.

Zolotaya Korona – Money Transfers recalled that Kapitalbank also activated outgoing remittances in April 2011. Now, 2/3 of partner banks of Zolotaya Korona – Money Transfers in Uzbekistan offer outbound and inbound money transfer service through the system.

According to the Russian Central Bank, the volume of money transfers from Russia to Uzbekistan a by 35% in the first quarter of 2011, while average remittance sum rose by 18%. The growth was recorded for the first time since 2009. Overall volume of remittances between Uzbekistan and Russia exceeded the figure of the first quarter of 2008.

About 570 points of partner banks in Uzbekistan serve clients through Zolotaya Korona – Money Transfers system.

Shahla Kasimova said that the system is planning to develop partnership programme in Uzbekistan in June and it will help to increase number of service points by 50% to 850. She added that the system also plans to introduce senders’ card.