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Remittances from Azerbaijan growing

Remittances from Azerbaijan growing

The growth rate of remittances from Azerbaijan has again become three-digit.

The TBC Capital weekly economic review reports.

Cash inflows from Azerbaijan to Georgia in the period January 5-11, 2021, compared to the same period in 2020, increased by 209%, and in the period of January 1-7, the data shows a 530% increase.

Throughout 2020, the increase in cash flow was triple from this country to Georgia. The only exceptions were the few weeks of December and October when the increase in remittances from Azerbaijan to Georgia was a two-digit number.

In the last month of 2020, remittances to Georgia have increased from Azerbaijan.

According to the National Bank of Georgia, $ 5.79 million was transferred from Azerbaijan to Georgia in December 2020, which is 2.90% of December's total remittances. The annual growth rate of remittances from Azerbaijan in December was 160.14%.

As for the rest of the neighborhood, according to TBC Capital, cash inflows from Russia are in the negative range from January 5-11.

Remittances from the Middle East (including Turkey) increased by 44% between January 1-7 and 27% between January 5-11.

Remittances from Armenia increased by 36% in the 1-7 January period and 18% in the January 5-11 period.

Overall, cash inflows increased by 17% between January 5-11, 2021, slightly lower than the previous week.

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