Azerbaijan fixes amount of state fees to license postal-banking services

Business Materials 13 March 2010 12:47 (UTC +04:00)

Azerbaijan, Baku, March 13 / Trend N. Ismayilova /

The amount of the state fee for getting a license for Azerbaijan's operator of postal communication - Azerpoct Ltd to conduct banking services is 1,000 manat. This sum is fixed by the Central Bank, Azerbaijani President Ilham Aliyev's decree on amendments and additions to the presidential decrees in connection with the execution of the law "Postal Communication" said.

Azerpoct Ltd has already applied to the Central bank to get a license to render banking services. The company said the question of giving permission can be resolved by late March.

Rendering of banking financial services will be possible by automated corporate information system established by Azerpoct. Now it is ready for trial operation. At present, an automated system of Azerpoct include more than 200 post offices. The operator conducted tenders and signed contracts for the purchase and installation of appropriate technical equipment. After completion of the technical equipment in the shortest time, an automated corporate information system can connect all the post offices.

At the initial stage post offices will render limited banking operations, including conducting of cash transactions, money transfers and the opening of client accounts, etc. Loans will be given to the population in the long-term perspective.

Azerpocht's functions are extended under amendments to the Law "Postal Communication". The project "Development of financial services" has been supported by the World Bank in Azerbaijani post offices since 2005.

Currently, more than 1,600 post offices operate in Azerbaijan. About 340 render services to the population in cities and regions but others - in rural areas. The banking system in Azerbaijan has 626 branches. About 46 banks operate in Azerbaijan.