BAKU, Azerbaijan, March 30. The volume of remittances by individuals from Singapore to Azerbaijan amounted to $3.9 million in 2024.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this figure grew by $1.1 million (40 percent) compared to 2023.
In the interim, Singapore constituted a mere 0.4 percent of the
aggregate remittance inflow to Azerbaijan throughout the designated
reporting timeframe.
Individual remittances from Singapore to Azerbaijan reached a
substantial $2.8 million in fiscal year 2023.
In the fiscal year 2024, the aggregate remittance outflow from
Azerbaijan to international jurisdictions reached $526.8 million,
reflecting a contraction of $23.4 million, equivalent to a 4.2
percent decline relative to the preceding year, 2023.
Furthermore, the aggregate of remittance flows from international
jurisdictions to Azerbaijan totaled $1.08 billion in the fiscal
year under review, reflecting a contraction of $571.9 million, or
34.6 percent, relative to the preceding fiscal period.
