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Azerbaijan sees 84% rise in money transfers from abroad

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BM.GE
17.05.23 17:26
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In the first quarter of 2023, $442.1 million was transferred from abroad to Azerbaijan, up 84.2% from the previous year, Report informs, citing the Monetary Policy Review of the Central Bank of Azerbaijan (CBA).

Accoridng to CBA, Azerbaijan’s currency market was down by 9% in the reporting period. In the first quarter of this year, transactions worth $7.8 billion were carried out in the currency market of Azerbaijan, down 9% compared to a year ago.

Of the quarterly transactions, $6.8 billion were non-cash, and $1 billion were in cash, approximately 8% and 20% less than a year ago, respectively.

Some 80.6% of non-cash transactions and 83.1% of cash transactions were in US dollars, while 19.4% and 16.9%, respectively, were in other currencies.

During the year, the net sale of foreign currency in the country decreased by 6 times, Report informs.

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