Money transfers from Russia to Azerbaijan soar by 21%

Baku. 20 December. REPORT.AZ/ Total volume of money transfers from Russia to Azerbaijan in January-September this year amounted to $ 650 mln. 

Report informs referring to the Russian Bank (Central Bank of Russia), this is by $ 113 million or 21% more compared to the same period in 2016.

In the III quarter of 2017, individuals' remittances from Russia to Azerbaijan totaled $ 247 mln. This is $ 36 mln or 17% more in annual comparison.

Notably, in January-September, $ 95 mln have been transferred to Russia. This is $ 23 mln or 19.5% less in an annual comparison.

Azerbaijan ranks the 5th in the third quarter in terms of remittances from Russia to CIS countries. The first is Uzbekistan with $ 1 198 mln, then Tajikistan ($ 741 mln.) and third is Kyrgyzstan ($ 626 mln.).

Notably, Turkmenistan and Kazakhstan are the countries in the CIS that send money to Russia. From January to September 2017, net cash transfers from Kazakhstan to Russia amounted to $ 489 mln and $ 43 mln from Turkmenistan to Russia.