BAKU — Azerbaijan experienced a significant decrease in the inflow and outflow of remittances through rapid money transfer systems in the first seven months of 2024.

According to Azeri-Press News Agency, Compared to the same period last year, the amount of money entering Azerbaijan through these systems declined by 29.9%, totaling AZN 1 billion 58.2 million, a drop of AZN 450.9 million. Similarly, the volume of funds sent from Azerbaijan to other countries decreased by 17.6% to AZN 303 million, a reduction of AZN 64.6 million. This downturn contrasts sharply with the previous year’s figures for January to July, where the banks received AZN 1 billion 509.1 million, and remittances abroad stood at AZN 367.6 million.