In the period of November 2-8, the growth of remittances from Azerbaijan to Georgia (compared to the same period last year) is at a three-digit indicator and equals 216%.
The weekly economic review of TBC Capital reveals.
During the previous three weeks, the rate was growing by only double digits. In the week of October 26-November 1, remittances from Azerbaijan increased by 37% compared to the same period last year, and in the period October 25-31, remittances from Azerbaijan to Georgia increased by 44%. The figure for October 19-25 is 60% higher than last year.
Specialists link the decrease in cash flows from Azerbaijan to the Nagorno-Karabakh conflict. Georgian companies operating in Azerbaijan have reduced the flow of remittances, presumably due to declining revenues.
The growth rate of inflows from Russia is still negative and amounted to minus 28% (in annual terms). The growth rate of inflows from Middle Eastern countries (including Turkey) is positive between November 2-8. The yearly change in inflows from Armenia is still negative but has improved compared to the previous week and amounted to -14%.
Bela Gelashvili
News Author