SBV issues remittance regulations

Under the newly issued regulations, only commercial banks with overdue debts of less than 3 per cent can set up remittance companies.

In addition to obeying legal regulations, especially in the monetary field, the banks must also have a healthy financial status, with profits being registered in the previous two years.

They are also required to be allowed to trade in foreign currencies by the central bank, besides having an effective internal governance and supervision system.

Banks must have feasible projects for setting up remittance companies, with focus on human resources and business performance plans in the first three years.