Beirut (APD) - In line with the Moroccan government's plan to liberalize the country's postal services, the state-controlled Barid Al Maghrib postal entity recorded a 23% expansion in its financial and banking activities to $70.6 million (MD 615 million) by end of 2005, the London-based Asharq Al Awsat reported Thursday.
"Banking services of Barid Al Maghrib make up now 45% of the total annual transactions done by the company," said Anas Alami, general manager of Barid Al Maghrib.
The Moroccan government last year had initiated a restructuring of the company under a $225 million investment plan to modernize its business and boost annual growth in turnover by 10 to 12% between 2005 and 2008.
Part of the company's revamping efforts aim at tapping its potential for financing housing for the poor, said media reports. Another goal is to prepare Barid Al Maghrib for a possible privatization in the medium term.
Alami said that the number of mail accounts grew by 22% in 2005 and the remittances handled by the company increased by 7%.
"The company's network of automatic mail service windows expanded by 13% during 2005," he added, and Barid Al Maghrib also introduced a debit card.
In 2004, Barid Al Maghrib had posted about $139 million in turnover and a net profit of about $13.3 million. [TS]
By Mirna Sleiman, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
