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Kazakhstan sees drastic increase in money transfers year-on-year

Finance Materials 31 January 2021 19:43
Kazakhstan sees drastic increase in money transfers year-on-year

BAKU, Azerbaijan, Jan. 31

By Nargiz Sadikhova - Trend:

A total of 5.1 million transfers worth 63.1 trillion tenge ($149.8 billion) were made via services of Kazakhstan National Bank's payment systems in Dec. 2020, Trend reports with reference to the data of the bank.

This is 15 percent more in volume and 45 percent more in value compared to Nov. 2020.

On average, 254,100 transactions worth 3.2 trillion tenge ($7.6 billion) were carried out daily.

The volume of plastic cards issued in Kazakhstan amounted to 48 million cards as of Jan. 1, 2021, and 55.8 percent of them were used in Dec. 2020.

The volume of transactions via plastic cards of Kazakh issuers amounted to 397.6 million transactions worth 6.4 trillion tenge ($15.2 billion) in Dec. 2020, which means an increase of 16.1 percent in volume and by 20.2 percent in value compared to Nov. 2020.

The share of non-cash payments in the structure of operations using payment carts of Kazakh issuers increased to 93.4 percent in volume (93.3 percent in Nov.) and to 72.8 percent in value (72.9 percent in Nov. 2020).

Furthermore, the total volume of funds sent via international systems of money transfers amounted to 0.3 million transfers worth 81.1 billion ($192.6 million) in Dec. 2020, which is 1.8 percent less in value compared to Nov. 2020.

Out of the total volume of transfers, 76.6 percent of total volume or 92.3 percent of total value (74.9 billion tenge or $177.9 million) accounted for transfers from Kazakhstan to other countries.

Some 23.4 percent of total volume (0.1 million) and 7.7 percent of total value (6.2 billion tenge or $14.7 million) accounted for transfers in Kazakhstan.

The remaining 0.1 million transfers worth 28.4 billion tenge ($67.4 million) accounted for transfers from other countries to Kazakhstan.

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Follow the author on Twitter: @nargiz_sadikh

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