Money transfers between Azerbaijan and Georgia decline in 2024

In 2024, the volume of money transfers from Azerbaijan to Georgia dropped to $45 million, marking a 23.6% decrease compared to the previous year.

Report informs, citing the Central Bank of Azerbaijan, that the share of transfers to Georgia in Azerbaijan's total remittance outflows decreased from 10.7% in 2023 to 8.5% in 2024.

Meanwhile, the amount of money transferred from Georgia to Azerbaijan in 2024 stood at $35.3 million, showing a 5.8% drop compared to 2023. Despite this, the share of transfers coming from Georgia to Azerbaijan increased from 2.3% to 3.3% of the total remittance volume to the country.

Overall, Azerbaijan’s total outbound money transfers in 2024 were $526.8 million, a decline of 4.25%, while inbound transfers amounted to $1.08 billion, which was down by 34.6%.