Finance

Finance

Azerbaijan sees a drop in individual remittances from abroad

25 December 2009 15:46 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. According to Azerbaijanâ€™s balance of payments for January-September, the countryâ€™s total transfer operations with foreign countries amounted to $1 330 million, compared to $1 383.6 million a year ago.

Of this, 68% was receipts to Azerbaijan, said the Central Bank of Azerbaijan.

The transfer receipts to the country reached $904 million, leaving $426 million to transfers from the country.

So, current transfers surplus reached $478 million.

Remittances to individuals accounted for 93.6% (94.2 in the same period last year) of the receipts from abroad, leaving 2.2% to the humanitarian imports and 4.2% to other inflow of funds.
Thus, the transfer receipts exceeded the outflow of capital by three times during this period.

As compared to January-September 2008, total transfer operations dropped by 3.9%, receipts to the country by 15.4% and remittances to individuals from abroad by 15.9%.