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Azerbaijan has been one of the fastest growing economies in the last decade according to the Australian Department of Foreign Affairs and Trade but has experienced declines in the most recent Real GDP statistics.
This is due to lower oil outputs and overall lower prices worldwide. Despite this, Azerbaijan has still exported high amounts of crude petroleum to Australia, reaching AUD$85 million.
It is also, albeit a little quirky, a big exporter of butter to Australia, with amounts reaching AUD$11 million.
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Jason is a local from Melbourne, Australia and has for long planned to take a trip starting in Ukraine, going through Turkey, and ending in the city of Baku, Azerbaijan.
He made notes of local banks as well as Australian banks that might have a reach in Azerbaijan for the extended time he'll be in Azerbaijan, but couldn't find comparative data. Instead, Jason used two well-known money transfer companies with one offering him a cash pickup in the case of an emergency. Below is a summary of his findings using 1,000 AUD and after that, you can have a look at the variables he’ll be comparing before his trip.
| Money transfer company A | Money transfer company B | |
|---|---|---|
| Exchange rate | 1 AUD = 1.13236 AZN | 1 AUD = 1.0725 AZN |
| Transfer fee | 10 AUD | 70 AUD |
| Amount of 1,132.36 AZN received in Azerbaijan for 1,000 AUD | 1,132.36 AZN | 1072.53 AZN |
| Transfer time | 2-5 days | 10 Minutes |
| Transfer options | Online, Phone, Smartphone App | Agent, Online |
| Difference in X | 59.83 AZN | 59.83 AZN |
Western Union will allow you to receive emergency cash when you’re visiting an agent location. You will be able to pick up cash within minutes of someone sending it to an agent location near you.
Someone will send you money and you will need to take your photo ID with you along with the tracking or reference number. Even though cash pickups through a service like Western Union are much more expensive than usual money transfers, it adds peace of mind when you are in a country totally alien to you.
When expecting money at an agent location, make sure the agent location has the necessary funds and currencies available. You don’t want to find yourself in a pickle when you’re awaiting emergency cash and the agent doesn’t have the grub.
Remember your photo ID to prove you are the recipient along with the tracking or reference number, it will save you big time if there’s a dispute on whose money is whose. As with many countries where you will stick out as a foreigner, double check your locations before going to pick up cash.
Back to topTotal imports from Azerbaijan amounted to AUD$284 million with Australia exporting AUD$5 million in return. According to the Australian Department of Foreign Affairs and Trade, 2006 saw Australia contributing to a “NATO Partnership for Peace Trust Fund project for the clearance of unexploded ordnance in the Saloglu region of Azerbaijan. In December 2010, Australia again supported the removal of explosive remnants of war in Azerbaijan by providing AUD$50,000 to the International Committee of the Red Cross / Red Crescent.” There have been positive changes in the economic and social contexts of Azerbaijan.
The monetary, credit policy and positive developments within the banking system have meant more stable opportunities for Australians wishing to do business or invest in the Azerbaijan economic context. According to the Australian Trade Commission, “considerable growth of the commercial banks' involvement in the domestic economy and substantial advances in banking reforms has improved liquidity and profitability and has repeatedly raised total banking assets in relation to Gross Domestic Product (GDP).”
