About $295 million transferred to Azerbaijan from abroad in first quarter of 2024
In the first quarter of 2024, $294.4 million was transferred to Azerbaijan from abroad. This was reported by the Central Bank of Azerbaijan.
According to the data, this is up by 34.8% from the same period of 2023.
During the quarter, Russia accounted for $155.4 million received in the country. Remittances from that country have fallen by 50.3% over the past year, while our northern neighbor's share of remittances fell from 69.2% to 52.8%.
In return, remittances from Turkey to Azerbaijan rose by 22.3% to $39.9 million, while the country's share in remittances rose from 7.2% to 13.6%.
Other countries in the top 5 in terms of remittances include the US ($14.4 million, down 9%), Georgia ($9.3 million, up 50%) and the UK ($8.3 million, down 9.9%).
Finance
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The analysis shows that the economic growth in Azerbaijan in 2026-2028 will be fully ensured at the expense of the non-oil and gas sector.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
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In January-August 2024, two state financial institutions of Azerbaijan jointly paid dividends in the amount of AZN 169.9 million, or about $100 million. This is stated in the conclusion of the Accounting Chamber over the Draft Law ‘’On State Budget for 2024‘’.
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President Ilham Aliyev's decree of 28 March 2022 ‘On Approval of the Upper Limit of Ratio of Non-oil Base Budget Deficit to Non-oil Gross Domestic Product (GDP)’ is not honoured.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
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In 2025, the subsistence minimum in Azerbaijan will amount to AZN 305 for able-bodied population, AZN 232 for pensioners and AZN 246 for children. This is stated in the Draft Law ‘On Subsistence Minimum for 2025’.
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