Instant money transfers increase in Azerbaijan

By Trend

Quantity of instant money transfers without opening an account increased in Azerbaijan in May, Trend reports with reference to Central Bank of Azerbaijan.

The increase is observed in both received and sent transfers.

The number of received transfers increased by 20.7 percent in the reporting period and amounted to 318,600 transfers worth 189.7 million manats (+2.7 percent). The average sum of one received transfer decreased by almost 15 percent to 595.5 manats.

The number of sent transfers significantly increased (by 80.1 percent) and amounted to 172,400 transfers worth 89.1 million manats (+53.6 percent). The average sum of the sent transfer decreased by 14.8 percent and equaled to 516.5 manats.

The number of transfers in The Real Time Gross Settlement System (AZIPS) increased by four percent in May 2019 compared to the same period of last year and amounted to 78,000 transfers worth 20.96 billion manats (decrease by 5.96 percent). Average sum of one transfer decreased by 9.6 percent and stood at 268.7 manats.

The number of transfers via Low Value Payments Clearing and Settlement System (LVPCSS) significantly increased (by 42.8 percent) in the reporting period and equaled to 4,583 million transfers worth 2.14 billion manats (+20 percent). Average sum of the transfer amounted to 467.8 manats, which is 15.95 percent less than in May of the previous year.

(1 USD = 1.7 manats on July 9).