BAKU, Azerbaijan, March 29. Azerbaijan has experienced a notable increase in remittances to the Netherlands in 2024, with transfers totaling 4.9 million USD.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this figure is $1.7 million, or 52.3 percent more than the same period in 2023.
The Netherlands now accounts for 0.9 percent of Azerbaijan's total remittances.
Similarly, remittances flowing from the Netherlands to Azerbaijan also saw growth, with transfers amounting to $6 million, reflecting a $1.2 million or 25 percent increase from 2023.
The Netherlands represents 0.6 percent of the total remittances coming into Azerbaijan for the reporting period.
Additionally, remittances from Azerbaijan to the Netherlands totaled $3.2 million in 2023, while transfers in the opposite direction reached $4.8 million.
In 2024, remittances from individuals in Azerbaijan to foreign countries amounted to $526.8 million, a decrease of $23.4 million or 4.2 percent compared to the previous year.
Meanwhile, remittances sent to Azerbaijan from abroad in the reporting period totaled $1.08 billion, reflecting a significant drop of $571.9 million or 34.6 percent compared to 2023.
