(MENAFN- AzerNews)
Ulviyya Shahin Read more
Last year, money transfers from Kazakhstan to Azerbaijandecreased by 7%, Azernews reports, citing theCentral Bank of Azerbaijan.
In 2023, physical persons from Kazakhstan sent $30,583,000 toAzerbaijan.
This is 6.9% (or $2,275,000) less compared to 2022. In 2022, thevolume of money transfers amounted to $32,858,000.
It should be noted that the total share of money transfers fromindividuals in Kazakhstan to Azerbaijan last year was 1.8%.
The decrease in money transfers from Kazakhstan to Azerbaijanobserved last year reflects a notable shift in the financialinteractions between the two countries. Several factors contributeto this decline, including economic fluctuations, changes inmigration patterns, and evolving geopolitical dynamics.
Throughout recent years, the relationship between Kazakhstan andAzerbaijan has been characterised by significant economic ties,with money transfers serving as a vital component of cross-borderfinancial activities. These transfers often play a crucial role insupporting families, facilitating trade, and contributing to theoverall economic stability of both nations.
However, the decrease in money transfers in 2023 signals adeparture from the previously observed trend. Economic factors suchas fluctuations in currency exchange rates, variations inemployment opportunities, and changes in living standards may haveinfluenced individuals' ability and willingness to transfer fundsacross borders.
Moreover, shifts in migration patterns could also contribute tothe decline in money transfers. Changes in labour demand, visaregulations, and political developments may impact the mobility ofindividuals between Kazakhstan and Azerbaijan, consequentlyaffecting the flow of remittances.
Geopolitical dynamics may also play a role in shaping financialinteractions between the two countries. Regional tensions,diplomatic relations, and international sanctions can influenceindividuals' confidence in cross-border transactions, potentiallyleading to a decrease in money transfers.
The report by Azernews, with reference to data from the CentralBank of Azerbaijan, sheds light on the magnitude of this decrease 6.9% reduction in money transfers compared to the previous yearhighlights the significance of this trend. Despite the decline,it's essential to recognise that money transfers from individualsin Kazakhstan still constitute a notable portion of Azerbaijan'sfinancial inflows, underscoring the enduring ties between the twonations.
The analysis provided contextualises the observed decrease inmoney transfers from Kazakhstan to Azerbaijan, offering insightsinto the multifaceted factors influencing cross-border financialactivities between the two countries.
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