BAKU, Azerbaijan, August 28. The total volume of transactions through the National Payment System of Azerbaijan reached 426.5 billion manat ($250.8 billion) from January through July 2024, which is 34.7 percent higher than the figure for the same period last year, Trend reports.
According to the Central Bank of Azerbaijan (CBA), the bulk of the turnover (93 percent) came from operations in the real-time interbank settlement system (AZIPS), where 1.208 billion transactions (up 6.9 percent) totaling 396.6 billion manat ($233.3 billion) (up 37.1 percent) were conducted.
On the settlement and clearing system for small payments (XOHKS) during the reporting period, the number of transactions amounted to 92,063 (an increase of 11.8 percent), with a turnover of 29.3 billion manat ($17.2 billion) (an increase of 10.1 percent).
However, 423,700 transactions (27.8 percent growth) worth 574.4 million manat ($337.8 million) (16.8 percent decline) were made in the instant payment system (AOS) in the first seven months of the current year.
To note, the volume of transactions in the National Payment System amounted to 766.3 billion manat ($450.7 billion) in 2023, which is 2.2 times more than in 2022.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel