BAKU, Azerbaijan, March 26. The volume of remittances from Azerbaijan to the UK amounted to $28.5 million in 2024.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this represents a decrease of $5.2 million, or 15.6 percent, compared to the same period in 2023.
Furthermore, the United Kingdom represented 5.4 percent of
Azerbaijan's aggregate remittance disbursements during the
specified reporting interval.
In the interim, the flow of remittances emanating from the UK to
Azerbaijan has ascended to $34 million, reflecting an uptick of
$818,000, which corresponds to a 2.5 percent enhancement in
comparison to the fiscal year 2023.
The United Kingdom's contribution to the aggregate inbound
remittance flow to Azerbaijan was quantified at 3.1 percent.
In 2023, the outbound remittance flow from Azerbaijan to the United
Kingdom was quantified at $33.7 million, whereas the corresponding
inbound remittance flow was recorded at $33.2 million.
Overall, in 2024, the volume of remittances sent from Azerbaijan to foreign countries reached $526.8 million, reflecting a decrease of $23.4 million, or 4.2 percent, compared to the previous year.
Meanwhile, inbound remittances to Azerbaijan from foreign countries totaled $1.08 billion, a significant drop of $571.9 million, or 34.6 percent, compared to the figures from 2023.
