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Monday July 22 2024

Foreign remittances from Azerbaijan witness decline

13 June 2024 17:39 (UTC+04:00)
Foreign remittances from Azerbaijan witness decline
Ulviyya Shahin
Ulviyya Shahin
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The volume of remittances from Azerbaijan to abroad has decreased, Azernews reports citing the Central Bank.

In the first quarter of 2024, the amount of money transfers from Azerbaijan to foreign countries amounted to 131 million 485 thousand US dollars.

According to information, the volume of remittances sent abroad by individuals decreased by 915 thousand dollars or 0.7% compared to January-March 2023.

Thus, the amount of money sent in the first quarter of 2023 was 132 million 400 thousand dollars.

Remittances, or money transfers, are an essential aspect of international finance, reflecting economic ties between countries and the movement of funds across borders. In the context of Azerbaijan, remittances play a significant role in the economy, often representing financial support from Azerbaijanis living abroad to their families and communities back home.

The decline in remittances from Azerbaijan to foreign countries contrasts with the figures from the same period in the previous year, January-March 2023, when remittances amounted to 132 million 400 thousand dollars. The reported decrease in remittances is noted to be 915 thousand dollars or 0.7% lower compared to the corresponding period in 2023.

Several factors could contribute to the decrease in remittances, including economic conditions in both Azerbaijan and recipient countries, changes in exchange rates, policy changes affecting remittance flows, and shifts in migration patterns or employment opportunities for Azerbaijanis living abroad.

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