Azerbaijani postal operator to be profitable: Minister

ICT Materials 22 January 2010 16:16 (UTC +04:00)

Azerbaijan, Baku, Jan. 22 / Trend H. Valiyev /

Actions taken under the 'Development of Financial services' project realized by the World Bank and the Central Bank of Azerbaijan to develop postal sector Azerbaijani postal operator Azerpocht will work on profit after 2012, Communication and IT Minister Ali Abbasov in a meeting of the Cabinet of Ministers dedicated to the socio-economic development in 2009, which was presided over by Azerbaijani President Ilham Aliyev

"The postal service revenues increased by 13.6 percent in 2009 compared to 2008," Abbasov said

The postal offices will begin to render fully financial services in 2010. This will create basis to provide profitability of postal operator.   

In the initial stage the post departments will render limited banking operations, including cash operations, money transfers and opening accounts. In the log-term prospective it is also planned to distribute loan to population.

Azerpocht will be a serious rival to banking market players while entering the market. At present, 46 banks with roughly 500 branches are functioning on the Azerbaijani banking market. The number of Azerpocht's postal offices exceeds 1,600

Do you have any feedback? Contact our journalist at: [email protected]