BAKU, Azerbaijan, March 23. Remittances sent by individuals from Türkiye to Azerbaijan saw a significant rise in 2024, reaching $151.8 million.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this marks an increase of 3.9 percent, or $5.7 million, compared to the same period in 2023. Türkiye's share in Azerbaijan’s total remittances for the year amounted to 28.8 percent.
This marks an increase of about 7 percent, or $11.6 million, compared to the same period in the previous year.
In contrast, remittances sent from Azerbaijan to Türkiye reached $175.9 million last year, showing an increase of $11.6 million, or 7 percent from 2023.
Meanwhile, remittances from Azerbaijan to Türkiye totaled $146.1 million in 2023, while remittances flowing the other way amounted to $164.3 million.
Overall, Azerbaijan's remittances sent abroad in 2024 totaled $526.76 million, marking a decrease of $23.4 million, or 4.2 percent, from the previous year.