BAKU, Azerbaijan, Oct. 26
By Klavdiya Romakayeva - Trend:
The volume of cross-border money transfers in Uzbekistan from January through September 2020 amounted to $4.3 billion, Trend reports referring to the Central Bank of Uzbekistan.
According to the Central Bank, the volume of cross-border transfers decreased by $175 million or 3.9 percent compared to the same period in 2019.
The Central Bank noted that by the end of 2020, the volume of cross-border transfers can amount to $5.5-5.6 billion, which is 6-8 percent less compared to 2019.
Chairman of the Central Bank Mamarizo Nurmuratov admitted that in April the regulator predicted a 25 percent decrease in remittances due to the coronavirus pandemic, but the decline was not so sharp.
Nurmuratov said that under the main scenario, the Central Bank expects an increase in remittances from next year.
In addition, according to the presentation of the Central Bank, in the optimistic scenario of macroeconomic development, it is expected that remittances to Uzbekistan in 2021 will grow by 2-3 percent, and in 2022-2023 they will be at the same level.
At the same time, the risk scenario provides for a decrease in shipments by 4-5 percent in 2021, by 1.5-2 percent in 2022, while maintaining the level of the previous year in 2023.
“Russia accounts for 72 percent of all international money transfers,” said Nurmuratov.
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