Remittances to Azerbaijan drop 45.5% in 2023

BAKU. Feb 27 (Interfax) - Azerbaijan saw the amount remittances drop 45.5% to $1.655 billion in 2023, the Central Bank of Azerbaijan (CBA) told Interfax.

"According to preliminary estimates, the volume of remittances to Azerbaijan totaled $1.655 billion in 2023 compared to $3.62 billion in 2022," the CBA said.

Specifically, remittances totaled $442.1 million in the first quarter, $447.9 million in the second quarter, $391 million in the third quarter, and $374 million in the fourth quarter.

Remittances from individuals to Azerbaijan surged 3.2-fold year-on-year in 2022.