Baku: Foreign remittances to Azerbaijan have witnessed a significant decline in 2024, with a 30% decrease in the total amount transferred into Azerbaijani banks through rapid money transfer systems from January to October. During this period, AZN 1 billion 454.6 million was deposited into banks, while funds sent from banks abroad totaled AZN 440.9 million.

According to Azeri-Press News Agency, the Central Bank of Azerbaijan reported that the decline in remittances is evident when compared to the same period in the previous year. The volume of funds entering banks through rapid money transfer systems decreased by AZN 621.8 million, while transfers from Azerbaijani banks abroad saw a reduction of 14.7%, amounting to AZN 76 million less than the previous year.

In the corresponding period of 2023, Azerbaijani banks had received AZN 2 billion 76.4 million through fast money transfer systems, and the volume of funds sent abroad from banks reached AZN 516.9 million. This notable decline in remittances reflects a b
roader economic trend impacting the financial landscape of Azerbaijan.