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Azerbaijan, Turkey to Launch New Money Transfer System

Turkey, a brother nation and strategic ally of Azerbaijan, is creating a new system of money transfers, which will be launched for the first time to carry out transfers with Azerbaijan.

The Turkish side is directly involved in the development of the money transfer system, while Azerbaijan provides advisory services and gives its recommendations, a source in the Azerbaijani postal communication market told Trend.

“Currently, various money transfer systems are used between the two countries. The very project stipulates creation of a fundamentally new system of remittances that meets the international standards, which is initially intended for use between the two countries,” the source said.

The source added that in the future the system also can be extended to other countries.

Turkey was the first state to recognize Azerbaijan’s independence in 1991 and has been a staunch supporter of Azerbaijan in its efforts to consolidate its independence, preserve its territorial integrity and realize its economic potential arising from the rich natural resources of the Caspian Sea.

The trade turnover between Azerbaijan and Turkey amounted to $552.69 million in January-March of 2017, according to the State Customs Committee of Azerbaijan. The two sides plan to create the Joint Committee on Customs Issues.

The Joint Committee will coordinate the cooperation in the customs sphere between the two countries, determine the directions for the development of this sphere, facilitate the simplification of customs procedures and promote the introduction of new technologies to enhance the effectiveness of customs control.

Source: azernews