Thursday, 08 June 2023 04:02 GMT

Azerbaijan Creates Road Map For Digital Money Transfers (PHOTO) (UPDATE)


(MENAFN- Trend News Agency) Details added: first version posted on 10:54

BAKU, Azerbaijan, April 12. A road map for digital money transfers has been created in Azerbaijan, Head of the Department of Migration Policy and Legal Support of the State Migration Service Vahid Gahramanov said during an event themed "Strengthening socio-economic effect of money transfers in Azerbaijan", trend reports.

According to Gahramanov, the digitalization of payments plays a big role in the implementation of this project and the ongoing research contributes to the achievement of the set goals.

"We are also working on creation of international standards for money transfers both between citizens and citizens and the state. Our task in implementing this project is to ensure that the transferred funds are like investments, that is, they bring additional profit," he noted.

The volume of money transfers of individuals to Azerbaijan in 2022 amounted to $3.6 billion, which is 3.2 times more than in 2021.

The list of countries from which money transfers of individuals were made to Azerbaijan includes transfers from the US amounting to $155 million (an increase of 2.1 times), Türkiye reaching $122 million (an increase of 13.3 percent), Germany amounting $53.5 million (an increase of two times) and the UK reaching $ 33.9 million (an increase of by 4.9 percent).

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