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Money transfers significantly increase in Azerbaijan in 1H2022

Finance Materials 16 September 2022 09:36
Baku, Azerbaijan Trend News Agency
Money transfers significantly increase in Azerbaijan in 1H2022

. Money transfers from individuals in Azerbaijan amounted to $1.6 billion in the first half of 2022, which is 3.3 times more than in the same period the previous year, Trend reports via the Central Bank of Azerbaijan (CBA).

The volume of money transfers in the first quarter of 2022 amounted to $239.9 million, while in the second quarter $1.3 million.

According to CBA, most transfers were made from Russia in the amount of $1.2 billion (an increase of 4.9 times) or 80 percent of all the money transfers from individuals.

The TOP-5 counties from which money transfers to Azerbaijan were made include the US - $77.1 million (an increase of 2.6 times), Türkiye - $55.4 million (an increase of 15.2 percent), Germany - $29 million (an increase of 2.8 times) and Kazakhstan - $17 million (an increase of 8.8 percent).

Money transfers from individuals in Azerbaijan increased by 17.4 percent from January through June 2022 compared to the same period last year - up to $300.6 million.

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