MOSCOW, December 6 (RIA Novosti) - The amount of money transfers in Russia via the CONTACT payment system will grow by almost 64% in 2005, year-on-year, to $900 million, the board chairman of Russlavbank said Tuesday.

Nikolai Gusman said the value of money transfers via CONTACT was $97 million in 2002 and $550 million in 2004.

Founded on the basis of Russlavbank, CONTACT is Russia's first system of international transfers and payments in rubles, dollars and euros that are effected on individuals' instructions without opening a bank account.

The system is based on a network of Russian and foreign correspondent banks and special financial companies licensed to provide services to individuals.

Gusman said the development of CONTACT was a priority in Russlavbank's activities and that the bank was developing a payment system for corporate entities.