. The World Bank’s Financial Services Development Project (FSDP) aimed at forming the network of postal banks on the basis of national postal operator Azerpoct did not give the results expected by Ministry of Communications & IT of Azerbaijan.
Communications minister Ali Abbasov says that despite growth of Azerpoct’s revenues last year, the profitability of this enterprise is problematic.
"Last year Azerpoct’s income increased by 23%, but the profitability of this enterprise is low. It still receives subsidies from the government and the telecommunications sector. Currently we are working with the Central Bank and consult with the Ministry of Finance of Azerbaijan on the further fate of Azerpoct. Possibly, an international consultant will be attracted to help get out of this situation," the minister said.
The operator has a network of 1,600 post offices, which is the largest retailer net in the country, but the profitability of each branch is at a minimum level.
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