Azerbaijan, Baku, 3 October / corr Trend S.Babayeva/ The Azerbaijani Parliament passed changes and additions into the Law on Mail Service, connected in particular with modernization of the country's postal net, enabling it to render financial services.
Thus, Azerpocht`s functions are broadened with financial services.
A new section "Financial services of national operator", which authorizes the operator to open and run post accounts, money transfers, opening of correspondent accounts in financial institutions, including the National Bank of Azerbaijan, acceptance of mail deposits, issue of the means of payment, including debit and credit cards, postal checks, purchase of foreign currency, collection of cash and other values, was included into the law.
At the same time, the National Bank of Azerbaijan should certify the services and definite duties should be paid in this respect.
Azerpocht State Enterprise can become a profit-making unit by 2011, according to results of the Development of Financial Services Project, held together with the World Bank, the main component of which is financial services.
Azerpocht State Enterprise includes 59 post offices, 2 postal enterprises, 2 subsidiaries and 88 signal office centers.
More than 1,300 post departments run their activities within the state enterprise, covering all settlements in Azerbaijan
The Ministry of Communication and IT plans to launch its financial services by the end of this year or beginning of 2009.
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