Volume of money transfers to Uzbekistan significantly increases

Finance Materials 30 March 2020 17:05 (UTC +04:00)
Volume of money transfers to Uzbekistan significantly increases

BAKU, Azerbaijan, Mar. 30

By Ilkin Seyfaddini – Trend:

Money transfers of individuals from abroad to Uzbekistan exceeded $6 billion in 2019, Trend reports referring to Central Bank of Uzbekistan.

The last time the figure was higher was in 2014, when about $6.5 billion was transferred to the country.

Most of the money transferred to Uzbekistan in 2019 - $5 billion - falls on the CIS countries. The first place in this list is occupied by Russia ($4.6 billion) which is followed by Kazakhstan ($357 million), Kyrgyzstan ($39 million) and Ukraine (almost $19 million).

In 2019, Uzbekistan received $878 million from non-CIS countries. The top three leaders are the USA ($232 million), Turkey ($204.6 million) and South Korea ($170 million).

Transfers from Uzbekistan to foreign countries have slightly exceeded $1 billion, with transfers to the CIS and other countries being almost at the same level. The largest amount of money was transferred to Russia - $347.5 million. Turkey comes second line ($200 million). The top six countries also include Kazakhstan ($87.3 million), China ($73 million), Kyrgyzstan ($51.7 million) and Poland ($47.8 million).

The report of the Central Bank noted that the main source of both primary and secondary income was the cross-border transfers by citizens of the country, who went to work abroad.

In 2018, the volume of money transfers to Uzbekistan amounted to $5.1 billion, almost $4 billion of which were transfers from Russia, the message said.

It was also reported that by mid-March 2020, the volume of money transfers from Uzbekistan to Russia via Russia's Zolotaya Korona (Golden Crown) payment system increased by 50 percent and exceeded the indicators of transfers in the opposite direction, which decreased by 30 percent.


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