Ukrposhta joins International Money Transfer System

Ukrposhta (Ukraine Postal Service) has joined the International Financial System (IFS), which conducts international money transfers developed by the World Postal Union, Ukrposhta general director Vasyl Mukhin announced.

Mukhin noted that previously every country had its own money transfer system, and that they often were not compatible with one another, which forced the World Postal Union to develop a unified system.

Mukhin went on to say that joining the IFS will permit Ukrposhta to conclude mutual agreements with CIS countries, the Baltic states, and other countries more quickly, and will improve money transfer services.

Note: Ukrposhta monopolizes postal services in Ukraine, with 99% of the market. Ukrposhta reported UAH 6.7 million in profits for the year 2001, and UAH 7.1 million for the first quarter