BAKU, Azerbaijan, February 29. The volume of transactions in the national payment system in 2023 amounted to 766.3 billion manat ($450.2 billion), which is 2.2 times more than the figure of 2022, Trend reports.
According to the Central Bank of Azerbaijan's (CBA) payment systems review, the turnover of the national payment system in 2023 exceeded the volume of Azerbaijan's GDP by 6.2 times.
Meanwhile, last year, the total number of payments within the system amounted to 147.7 million, which is 51.4 percent more than in 2022.
Within the structure of the national payment system, the number of payments in the real-time interbank settlement system (AZIPS) last year amounted to 2.12 million transactions (1.6 times growth), turnover - 716.3 billion manat ($420.8 billion) (2.4 times growth).
Additionally, the number of transactions in the settlement and clearing system for small payments (XOHKS) in 2023 amounted to 145.037 million units (51.2 percent growth), turnover - 49 billion manat ($28.7 billion) (16.9 percent growth).
To note, 587,600 transactions (74 percent growth) worth 1 billion manat ($587 million) (1.9 times growth) were made in the instant payment system (AOS) last year.
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