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Money transfers volume surges in Kazakhstan

Business Materials 31 July 2020 10:29 (UTC +04:00)
Money transfers volume surges in Kazakhstan

BAKU, Azerbaijan, Jul. 31

By Nargiz Sadikhova - Trend:

A total of 3.7 million transfers worth 67.4 trillion tenge ($161.8 billion) were made via services of Kazakhstan National Bank's payment systems in June 2020, Trend reports with reference to the data of the bank.

This is 21.4 percent more in volume and 20.6 percent more in value compared to May 2020.

On average, 169,300 transactions worth 3.7 trillion tenge ($8.8 billion) were carried out daily.

The volume of plastic cards issued in Kazakhstan amounted to 40.2 million cards as of Jul. 1, 2020, and 53.6 percent on them were used in June 2020.

The volume of transactions via plastic cards of Kazakh issuers amounted to 254.7 million transactions worth 4.3 trillion tenge ($10.3 billion) in June 2020, which means an increase by 14.1 percent in volume and by 14.6 percent in value compared to May 2020.

In turn, the share of non-cash payments in total structure of operations via plastic cards of Kazakh issuers amounted to 89.8 percent in June 2020 compared to 65.3 percent in volume, and to 89 percent compared to 64.8 percent by value in May 2020.

Furthermore, the total volume of funds sent via international systems of money transfers amounted to 0.3 million transfers worth 96.8 billion ($232.4 million) in June 2020, which is 29 percent more in value compared to May 2020.

Out of the total volume of transfers, 84.5 percent (0.3 million) of total volume or 95.8 percent of total value (92.8 billion tenge or $222.8 million) accounted for transfers from Kazakhstan to other countries.

Some 15.5 percent of total volume (0.05 million) and 4.2 percent of total value (4 billion tenge or $9.6 million) accounted for transfers in Kazakhstan. The remaining 0.1 million transfers worth 26.3 billion tenge ($63.1 million) accounted for transfers from other countries to Kazakhstan.

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