Tuesday, 2 March 2010

National Card Payment System to be Created in Abkhazia

March 1, 2010 - SUKHUM, ABKHAZIA -- According to a decree issued by the President Sergey Bagapsh, the National card payment system will be created in Abkhazia.

“In an effort to coordinate and regulate settlement relations with the use of cards, and to meet the requirements of the population of the Republic of Abkhazia in modern bank products and services, to increase inclusion of physical persons in non-cash payments and to create the payment infrastructure in the territory of the Republic of Abkhazia”, the National bank of the Republic of Abkhazia is charged to:

1)create the National card payment system (including cards of international payment systems) till December, 2010;

2)give basic provisions of functioning of the National card payment system, basic provisions of rules and standards of card payments till June 1, 2010;

3) develop a bill of the Republic Abkhazia “About the use of cards in the Republic of Abkhazia” till July 1.

Source: Abkhazia Gov.

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