Azerbaijan-Latvia Money Transfers See Significant Increase in First Half of 2025

Remittance Flows Between Azerbaijan and Latvia Strengthen

In the first half of 2025, financial transfers between Azerbaijan and Latvia experienced notable growth, signaling strengthening economic ties. Personal remittances from Azerbaijan to Latvia increased by a substantial 68.1%, reaching a total of $2.113 million. This figure represents an increase of $856,000 compared to the same period in 2024, as reported by the Central Bank of Azerbaijan.

Conversely, money transfers originating from Latvia to Azerbaijan also saw a significant rise, climbing by 22.9% to $3.110 million. This inflow was $579,000 higher than the amount recorded in the first six months of the previous year.

Outward Remittances from Azerbaijan to Latvia

The surge in remittances from Azerbaijan to Latvia highlights an expanding financial corridor. Latvia constituted 0.9% of Azerbaijan's total outward remittances during the reporting period. This growth is particularly noteworthy given the broader context of Azerbaijan's overall remittance trends.

Inward Remittances to Azerbaijan from Latvia

The increase in funds sent from Latvia to Azerbaijan further underscores the dynamic nature of financial exchanges between the two nations. Latvia's share in Azerbaijan's total inward remittances stood at 0.6% for the first half of 2025.

Broader Context of Azerbaijan's Remittance Landscape

Despite the positive trends observed in transfers with Latvia, the overall picture for Azerbaijan's cross-border remittances showed a decline. In the first six months of 2025, Azerbaijani citizens collectively transferred $238.18 million abroad, marking an 8.2% decrease compared to the same period in 2024. Similarly, remittances received by individuals in Azerbaijan from abroad amounted to $533.957 million, a 6% reduction year-on-year. The growth in financial flows between Azerbaijan and Latvia therefore stands out against this backdrop of an overall decline in Azerbaijan's total cross-border remittances.