Money Transfers from Azerbaijan to Georgia Drop Over 45%

Money transfers between Azerbaijan and Georgia have showed contrasting trends in the first nine months of the year.

From January to September, individuals transferred $19.78 million from Azerbaijan to Georgia, excluding capital transactions. This marks a 45.1 per cent decline compared to the same period last year. As a result, Georgia’s share in Azerbaijan’s total outbound money transfers fell from 8.8 per cent to 5.5 per cent, The Caspian Post reports via local media.

Meanwhile, transfers in the opposite direction continued to grow. During the same period, individuals sent $30.48 million from Georgia to Azerbaijan - a 14.7 per cent increase year-on-year. The share of these inflows in Azerbaijan’s total incoming remittances rose from 3.1 per cent to 3.6 per cent.

Overall, Azerbaijan received $849.9 million in remittances from abroad in the first nine months of the year, up 0.2 per cent compared to last year. Outbound transfers totaled $361.4 million, reflecting an 11.5 per cent decrease year-on-year.