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Money transfers from Kazakhstan abroad up by over 27%

Business Materials 15 October 2018 11:11 (UTC +04:00)

Baku, Azerbaijan, Oct. 15

By Rashid Shirinov – Trend:

The volume of remittances sent abroad by individuals from Kazakhstan through the money transfer systems amounted to 380.1 billion tenge in January-August this year, Ranking.kz reported.

This is 27.5 percent more than in the same period last year.

The number of transactions for the first 8 months of this year reached 1.8 million, which is 9.3 percent more year-on-year.

Most of the remittances were to Russia - 147.8 billion tenge, a 27.2 percent increase year-on-year. The country's share decreased from 39 to 38.9 percent out of the total funds sent abroad from Kazakhstan in the reporting period.

Uzbekistan ranks second –72.6 billion tenge was transferred there, which is a 33.1 percent increase. Its share grew from 18.3 to 19.1 percent.

Turkey is third - 41.3 billion tenge, an 89 percent increase. The share rose from 7.3 to 10.9 percent.

As for the money transfer systems that Kazakhs used for their remittances abroad, the largest volume of transactions occurred in KoronaPay — 241.2 billion tenge, which is 67.6 percent more year-on-year. The share of the system increased from 48.3 to 63.5 percent of the total funds sent abroad in January-August 2018.

Western Union is second - 55.6 billion tenge, a 13.5 percent growth. The share decreased from 16.4 to 14.6 percent.

Unistream ranks third - 31.2 billion tenge, which is 1.4 percent less than a year before. The share of the system fell from 10.6 to 8.2 percent.

The official exchange rate on October 15 is 370.03 KZT/USD.

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