Baku, Azerbaijan, April 17
By Huseyn Valiyev - Trend:
Profitability of Azerbaijani postal service "Azerpoct" LLC can be executed through reforms and possibly through privatization, Azerbaijani Minister of Communications and High Technologies Ali Abbasov said.
"The work of the postal operator can't be called cost-effective, and specific actions in this regard are needed," Abbasov said at a board meeting dedicated to the results of the first quarter of 2014.
"We intend to review all of these issues after the ministry's new structure is formed. We of course can't solve this by reducing the staff. The reforms however will take place, with the government's recommendations and with help from leading consulting companies," Abbasov said.
As the minister said, the ministry recently received an appeal from the chairman of the Central Bank of Azerbaijan, Elman Rustamov, who once again took the initiative to expand the banking and financial services in the postal network.
The Central Bank has expressed readiness to provide all possible assistance in the development and expansion of banking and financial services through "Azerpoct" LLC branch network. Further negotiations with the Central Bank are expected.
"Today Azerbaijani postal service issues debit cards, and with the permission of the CBA, the service may be able to issue credit cards as well," Abbasov said.
By entering the banking market of Azerbaijan "Azerpoct" LLC can seriously compete with other players in the market. Currently, 43 banks with some 700 branches operate in Azerbaijan, while "Azerpoct" LLC has over 1,600 branches and offices.
Translated by S.I.
Edited by S.I.
