Remittances from UAE to Azerbaijan rise 25.4%

Remittances sent by individuals from the United Arab Emirates to Azerbaijan amounted to $23.262 million in the first half of this year.

According to Report, citing the Central Bank of Azerbaijan (CBA), this was 25.4%, or $4.717 million, more than in the same period last year.

The UAE accounted for 3.1% of total remittances received by Azerbaijan in January-June.

Meanwhile, money transfers from Azerbaijan to the UAE declined by 24.4% year on year to $8.48 million in the first six months.

During the reporting period, remittances sent by individuals from foreign countries to Azerbaijan totaled $748.464 million, up 40.2%, while transfers from Azerbaijan to foreign countries decreased by 12.7% to $207.878 million.