Remittances to Azerbaijan grew 3.6-fold this year mainly due to money transfers from Russia

16:44 - 21.07.2022


July 21, Fineko/abc.az. The World Bank has published a report on Azerbaijan.

ABC.AZ reports that from January to May the trade surplus increased up to 34.4% of GDP that is more than twice as much as for Jan-May 2021.

The WB also stressed that money transfers in May increased 3.6 times (year-on-year) mainly due to inflows from Russia.

The WB economists also drew attention to the amendments to the State Budget 2022, which were approved on 29 June.

"It is predicted that revenues will increase by 8.8% in nominal terms compared with previous forecasts. This increase reflects higher projected tax revenues, due to the expected higher activity and higher tax revenues from oil companies, since the base price of oil in the State Budget has been increased from $50 up to $85 per barrel. Against the background of higher revenue collection, transfers from the State Oil Fund will be cut by 9.4%," the bulletin says.

 

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