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International money transfers from Kazakhstan reach 2 million

Finance Materials 1 November 2019 15:58

BAKU, Azerbaijan, Nov.1

By Nargiz Sadikhova - Trend:

The number of internal money transfers in Kazakhstan via international money transfer systems amounted to 200,000 transfers worth 32.2 billion tenge ($82.8 million) during nine months of 2019, Trend reports with reference to the data of Kazakhstan’s National Bank.

In turn, volume of transfers from Kazakhstan to other countries reached two million transfers worth 473.8 billion tenge ($1.2 billion).

“For the most part, transfers from Kazakhstan were implemented by Kazakh residents (83 percent). Over 50 percent of the total volume of transfers accounted for transfers to Russia (32.3 percent) and Uzbekistan (22 percent),” Head of bank’s Payment Systems Department Erlan Ashykbekov said.

The volume of money transfers from abroad to Kazakhstan was 1.2 million transfers worth 260.8 billion tenge ($670.7 million). Thus, about 60 percent of the transfers received accounted for Russia (39.4 percent) and South Korea (18.8 percent).

Furthermore, according to the bank’s data, volume of transfers from Kazakhstan abroad amounted to 240,000 transfers worth 65.478 billion tenge ($168.3 million) in September 2019. In turn, volume of transfers to Kazakhstan from abroad was 137,900 transfers worth 28.323 billion tenge ($72.8 million).

As of August 2019, for the most part Kazakhs made transactions using KoronaPay (Zolotaya Korona) payment system, Western Union and Faster.

Kazakhstan has a two-tier banking system. The National Bank of Kazakhstan is the central bank of Kazakhstan and presents the upper (first) tier of the banking system of Kazakhstan. All other banks present lower (second) tier of the banking system, excluding the Development Bank of Kazakhstan, that has peculiar legal status.

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