Volume of instant remittances up in Azerbaijan

Business Materials 6 May 2019 16:03 (UTC +04:00)

Baku, Azerbaijan, May 6

By Kheyraddin Nasirzade - Trend:

The volume of instant remittances (both sent and received) without opening an account increased in Azerbaijan in March 2019, Trend reports with reference to the Central Bank of Azerbaijan (CBA) on May 6.

During the reporting period, the number of received remittances increased by 10.45 percent compared to the same period last year to 243,000 with a volume of 143.5 million manats (a 4.1 percent growth). The average amount of one received remittance decreased by 5.7 percent to 590.4 manats.

The number of sent remittances increased by 16.9 percent to 96,700 in the amount of 64 million manats (a 31.7 percent growth). The average amount of one sent remittance increased by 12.7 percent to 661.5 manats.

The number of remittances in Azerbaijan’s Interbank Payment System (AZIPS) increased by 1.6 percent in March to 64,000 in the amount of 18.37 billion manats (a decrease of 8.7 percent) compared to March last year. The average amount of one remittance decreased by 10.14 percent, reaching 287 manats.

Remittances in the settlement and clearing system for small payments for the reporting period increased significantly - by 35.6 percent to 3.885 million in the amount of 1.75 billion manats (an increase of 8.8 percent). The average amount of one remittance was 451.2 manats, which is 19.7 percent less than in March last year.

(1.7 AZN = 1 USD on May 6)