Positive balance of remittances in Azerbaijan exceeded $503m in 2019
By Ofeliya Afandiyeva
In 2019, remittances to Azerbaijan decreased by 13.5 percent compared to 2018, whereas money transfers abroad increased by 19.3 percent, local media reported citing the Central Bank of the Republic of Azerbaijan (CBA) on April 1.
According to the balance of payments data in 2019, remittances to Azerbaijan amounted to $934.3 million, which is 13.5 percent less than in 2018,
At the same time, money transfers from Azerbaijan abroad for the reporting period increased by 19.3 percent to $431.1 million.
Thus, the volume of money transfers to Azerbaijan was 2.2 times higher than the volume of money transfers abroad.
As a result, the positive balance of remittances for 2019 amounted to $503.2 million compared to $ 718.3 million a year earlier (30 percent decline).
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