After releasing many interesting postage stamps for collectors all over the world for decades, Iceland Post will stop issuing more stamps in 2020 due to major losses. Increasing operational cost has forced the organisation to lay off several employees. According to senior officials, Iceland Post has been losing tens of millions annually to sustain itself and the decision has been taken to cut costs.
Stamp lovers and hobbyists have promoted Icelandic postage stamps but the sales have declined considerably over the years. The final few planned releases will continue until 2021. Issuance of postage stamps will stop after that. Officials stated that Iceland Post already has a big stock of unused postage stamps which will be sold until they last. Only after all the stamps and postcards are sold, new ones will be re-printed.
Iceland Post will also officially stop distributing by the end of 2019. A service agreement will soon be finalised with Icelandic authorities. If government authorities feel that postage stamps are important to showcase the country's cultures, then Iceland Post will start publication on a condition that the state would bear costs incurred.
Image Courtesy: Iceland Post