Turnover of money transfers in the banking system of Azerbaijan made in January-July 2012 the equivalent of AZN 940 million ($ 1,195.8 million). Compared with the corresponding period last year, it's more on 163.9 million or 21.1%. While revenue doubled the amount of shipments, which in turn increased by 54.7% compared to the same period last year.
In July, turnover transfers made 155.3 million manat, up from last year's July by 15%.
According to the Central Bank of Azerbaijan, the average amount sent increased from AZN 877.3 in January to 967.6 manat in July, and the average taken was down from 594.7 to 535.6 manat. The number of sent transactions grew from 44 thousand to 55,600, and the number of those received grew from 113,000 to 189,500.
The total number of recorded remittances in the period was equal to 1,418.1 thousand, including those received - 1,061.7 thousand. - 15B -
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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