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Remittances from Azerbaijan grow by 168% and by 33% from Armenia

Remittances from Azerbaijan grow by 168% and by 33% from Armenia

According to TBC Capital weekly economic review, remittances from Azerbaijan to Georgia were highest in the week of October 12-18.

Remittances from Azerbaijan to Georgia increased by 168 percent in a week, while on October 5-11, the same figure was 165 percent.

From Armenia, remittances went up by 33 percent in the last week, while also an upward trend (a 4 percent increase) was noticed in the previous week of 5-11 October. 

Remittance inflows from Ukraine and North America are continuing to trend upwards, whereas from Russia, they have kept a downward trend since the beginning of 2020 and now stand at -13%. 

Georgia experienced an increase in remittance from the Middle East countries, including Turkey, from October 12 to October 18.

Overall remittances in the country have grown by 13% if compared to the same period of time in the previous year. 

A total of $ 7,43 million was transferred from Azerbaijan to Georgia in September of 2020, with this being 3.85% of total remittance inflows from Azerbaijan. During the whole year, overall remittances have shown a growth of 270.79%. Georgia received $ 1,22 mln from Armenia in September of 2020, with this amounting to 0.63% of total remittances. During the whole year, overall remittances have dropped by 1.94%. 

Specialists expectations have not been met; despite the ongoing Nagorno-Karabakh conflict, remittance inflows in Georgia are growing. 

Experts suppose that the current Azerbaijan-Armenia conflict over the disputed Nagorno-Karabakh will deal a blow to the region's economy, and the longer the conflict lasts, the graver will be its consequences.

Tensions rose at the Azerbaijan-Armenia border on September 27, and they have remained high so far. Attacks and casualties have been reported.

The conflict erupted between the two countries first on July 12 and lasted for around ten days. 

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