OREANDA-NEWS. January 21, 2010. At yesterday’s Cabinet Ministers session Elman Rustamov, the chairman of board of the Central Bank of Azerbaijan, stated that in 2008 money transfers of compatriots residing abroad totaled US 1 bn.

“This is not such a large figure for scale of domestic economy, but from social angle, in particular from regional one, remittances play great role in social security of the population. But during 2009 in connection with problems in countries where Azerbaijanians live, the volume of money transfers to Azerbaijan lowered by 20%,” Rustamov said.