Samir Nasirov, director of the Statistics Department at the Central Bank of Azerbaijan (CBA), stated that the country's primary income balance turned into a surplus for the first time in recent years due to income from foreign investments.
The main reason for the surplus is interest and dividend income from direct investments made abroad by Azerbaijani enterprises in the oil and gas sector.
Nasirov noted that these earnings were not repatriated but reinvested abroad to generate even greater income in subsequent periods. Detailed data will be disclosed in the "other income" section of the balance of payments.
He also commented on the increase in personal remittances to Ireland, saying such indicators are volatile and mainly related to operations via money transfer systems, typically for financial assistance and similar purposes.
The deficit in the capital and financial account is primarily due to a $2 billion decline in portfolio investments. This is linked to the buyback of eurobonds issued under the Southern Gas Corridor project.
"Initially, $2 billion was raised through eurobond issuance. Now those securities have been bought back and $2 billion paid," Nasirov emphasized.
