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Uzbekistan’s 2020 volume of remittances up

Finance Materials 18 January 2021 17:08
Uzbekistan’s 2020 volume of remittances up

BAKU, Azerbaijan, Jan. 18

By Klavdiya Romakayeva - Trend:

The volume of cross-border transfers received in Uzbekistan in 2020 amounted to $6.03 billion, increasing by $17 million, Trend reports with reference to the Central Bank of Uzbekistan (CBU).

According to the CBU, the volume of sent foreign exchange funds reached $1.20 billion, which is $157 million or 15 percent more than the same period last year.

As a result, a surplus on cross-border transfers amounted to $4.83 billion.

Earlier, the CBU explained the sharp recovery of remittances amid quarantine restrictions. It was reported that remittances to Uzbekistan decreased significantly in from March through April. Their volume began to increase in May, approaching the indicators of 2019 in the period from August through September.

“The absence of a sharp decline in remittances is explained by the fact that in the period before the coronavirus pandemic, a certain part of remittances came informally (in cash), bypassing the banking system. Since the introduction of quarantine restrictions and the impossibility of moving between countries, the previously unaccounted part of remittances began to pass through the banking system,” the Central Bank said.

According to a survey conducted by the CBU among labor migrants, 85 percent of respondents said that they send money to the country through the banking system through money transfers, the remaining 15 percent said that they send money in cash or other ways.

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Follow the author on Twitter: @romakayeva

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