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Uzbekistan’s volume of received cross-border transfers increases

Finance Materials 23 April 2021 13:16 (UTC +04:00)
Uzbekistan’s volume of received cross-border transfers increases

BAKU, Azerbaijan, Apr. 23

By Klavdiya Romakayeva - Trend:

The volume of cross-border transfers received in Uzbekistan in 1Q2021 amounted to $1.42 billion, having increased by $336 million, or 31 percent compared to the same period in 2020, Trend reports referring to the press service of Central Bank of Uzbekistan (CBU).

According to the CBU, the volume of funds sent abroad during the reporting period reached $353 million. As a result, a surplus on cross-border transfers was formed at the level of $1.06 billion.

The increase in remittances compared to last year can be explained both by the gradual recovery of the partner countries' economies after the crisis, and by the increase in the number of electronic transfers due to transport restrictions.

It was also reported that remittances to Uzbekistan in 2020 amounted to $6.03 billion. Transfers from Russia fell, but grew from Turkey, the US, the South Korea, Israel and a number of other countries.

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Follow the author on Twitter: @romakayeva

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