According to the Balance of Payments of Azerbaijan, in January - June, the country received $ 1.7 billion from individuals living abroad. This, according to the Central Bank of Azerbaijan, was 92.7% of the total value of transactions with foreign countries by a secondary income.
The other operations accounted for $ 100 million, or 7.3%, including 3.7% being the cost of imported humanitarian goods, and 3.6% of other income.
According to the Center for Economic Research, annual remittances from abroad are in the amount of $ 3.5 billion to $ 4 billion, which is a stable figure over the years, indicating systematic support of poor relatives. Roughly half of the money comes from Russia. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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