BAKU, Azerbaijan, July 23. The volume of money transfers of individuals from Azerbaijan to Switzerland amounted to $1.8 million in the first quarter of this year.
The data obtained by Trend from the country's Central Bank shows that this figure is $227,000 or 11 percent less than for the same period of 2024. In the first quarter of 2024, the volume of remittances of individuals from Azerbaijan to Switzerland amounted to $2.06 million.
Over this period, $2.797 million was transferred from Switzerland to Azerbaijan, which is by $788,000 or 39.2 percent more than the previous year. In the first three months of last year, this amount totaled $2 million.
The share of Switzerland in the total volume of remittances from Azerbaijan abroad in the reporting period amounted to 1.6 percent, while the share of this country in the total volume of remittances from abroad amounted to 1.2 percent.
In general, the volume of remittances made by individuals from Azerbaijan to foreign countries in the first quarter of 2025 amounted to $112.6 million. This is by $18.8 million or 14.3 percent less than the same period of 2024.
Meanwhile, the volume of remittances of individuals to Azerbaijan from abroad for the reporting period amounted to $229.4 million, which is by $64.9 million or 22.1 percent less than the figure for the first quarter of 2024.