Remittances of individuals from Russia to Azerbaijan increased by 4.9 times
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Remittances of individuals to Azerbaijan from other countries exceeded $1.6 billion in the first six months of 2022. This is 3.3 times more than a year earlier. Transfers from Russia increased by 4.9 times, to $1.28 billion (80% of all transfers against 53.1% in the first six months of 2021).
In the first quarter, individuals from Russia sent $99.7 million to Azerbaijan, in the second quarter – $1.18 billion. million, an increase of 15.2%), Germany ($29.1 million, an increase of 2.8 times) and Kazakhstan ($17 million, an increase of 8.8%), reports Interfax data of the Central Bank of Azerbaijan.
Transfers of individuals from Azerbaijan to other countries increased by 17.4%, to $300.6 million. The first place is occupied by Turkey ($90.7 million). Transfers to Russia decreased by 18.2% to $44.9 million. The share of the Russian Federation decreased from 21.4% to 14.9%.
In June, Russian households transferred a record $4.65 billion to their foreign bank accounts, the Central Bank reported. Experts attribute the trend to sending funds by Russians to foreign accounts to replenish cards of international payment systems opened abroad, withdrawing currency from accounts from Russian banks in order to avoid commissions for maintaining them, and also to participate in parallel imports.
About the reasons – in the material “Kommersant” “Money is being transferred from Russia”.
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