BAKU, Azerbaijan, March 29. The volume of remittances from individuals abroad to Azerbaijan amounted to $1.08 billion in 2024, marking a year-on-year decrease of $571.9 million (34.6 percent).
Data obtained by Trend from the Central Bank of Azerbaijan shows that Russia was the largest source of remittances to Azerbaijan last year. The volume of remittances from individuals in Russia to Azerbaijan reached $496.7 million, which represents a decrease of $550.77 million (52.6 percent) compared to the 2023 figures.
The second largest source of remittances to Azerbaijan was Türkiye, with $175.9 million (an increase of $11.6 million or seven percent compared to the previous year).
The US ranked third on the list, with $65 million (down $8.8 million or 11.9 percent).
The countries with the highest remittances to Azerbaijan last year are shown in the table below:
|
Countries |
Amount |
|
Russia |
$496.7 million |
|
Türkiye |
$175.9 million |
|
US |
$64 984 million |
|
Georgia |
$35 307 million |
|
UK |
$33.97 million |
|
UAE |
$31.6 million |
|
Germany |
$24 million |
|
Kazakhstan |
$23 million |
|
Saudi Arabia |
$20.5 million |
|
Austria |
$14.99 million |
|
Israel |
$13.6 million |
|
Qatar |
$12.5 million |
|
France |
$11.78 million |
|
Uzbekistan |
$10.95 million |
|
Ireland |
$10.8 million |
|
Switzerland |
$10.16 million |
|
Iraq |
$7.5 million |
|
Netherlands |
$6 million |
|
Lithuania |
$5.4 million |
|
Belarus |
$4.77 million |
|
Canada |
$4.59 million |
|
Poland |
$3.88 million |
|
Singapore |
$3.87 million |
|
Kuwait |
$3.2 million |
|
Kyrgyzstan |
$3.16 million |
|
Italy |
$2.7 million |
|
Others |
$46.4 million |