Form of Prudential Reporting by LLC Azerpoct Confirmed

The form, content and timing of prudential reporting by the public postal operator Azerpoct have been confirmed.

According to the text, the head of the Central Bank of Azerbaijan issued an order approving the relevant provisions under which the postal service can provide quarterly and annual reports in electronic and paper form.

Quarterly reports are submitted not later than April 10, July, October and January, and annual ones - no later than 15 January.

The document must contain details of income and expenditure of the postal operator, including details of sources of income. In addition, data are required on changes in equity, net income (loss) for the period, assets and liabilities, receivables and payables.

The operator must report data on the size and structure of postal savings. It shall be the next groups of deposits: up to 1,000 manat; from 1,000 to 3,000 manat; from 3,000 to 5,000 manat; from 5,000 to 10,000 manat, from 10,000 to 30,000 manat; and over 30,000 manat.

The state enterprise Azerpoct was created September 23, 1999. On 15 August 2009 it was transformed into Ltd. Azerpoct. On 16 April 2010 the Central Bank of Azerbaijan issued a limited license to the company for the provision of banking and financial services. --17D-