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IOM Post Office explores options to boost revenue

Chairman gives written answer to Tynwald Question

Options explored by Isle of Man Post Office to boost its revenues have been revealed by its chairman.

Post Office Chairman Graham Cregeen MHK did so in his reply to a Tynwald question for written answer from Onchan MHK Zac Hall.

He says the Post Office has been looking at a number of new transactions, including high street banks to transfer some of their services and supporting the creation of a credit union.

However the banks were generally unwilling to do this and Mr Cregeen says the Post Office does not want to operate a banking function in its own right.

Mr Creegen also speaks of the Post Office's revenue streams as they stand, one of which is relatively new and seemingly successful so far. Mr Cregeen says the introduction of a foreign exchange service has seen growth in sales of 12% in the past year.

Elsewhere, he points out government is the Post Office’s largest customer, providing the two main types of transactions – vehicle and driving licenses and the cashing of benefits and pensions.

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