Money transfers increase from South Korea, Kyrgyzstan to Kazakhstan

Kazakhstan Materials 20 August 2018 12:21 (UTC +04:00)

Baku, Azerbaijan, Aug. 20


Money transferred to Kazakhstan during 1H2018 amounted to 147.5 billion tenge. This is 10.5 percent more than for the same period of 2017, Kabar news reported referring to ranking.kz.

The annual growth rate is decreasing. In 1H2016 year-to-year growth was 2.2 times, in 1H2017 by 20.4 percent.

Most of the money inflow came from Russia - 71.2 billion tenge, which is 7.5 percent less than in 1H2017. Russia's share has fallen from 57.7 percent to 48.3 percent. The Republic of Korea comes in second with 22.9 billion tenge (increase from 7.4 percent to 15.5 percent).

Kyrgyzstan is third with 13.3 billion tenge (increase of 77.4 percent). The country's share in overall transferred money has increased from 5.6 percent to 9.9 percent.

Most of the transfers to Kazakhstan were made through the Zolotaya Korona money transfer system - 73 billion tenge, which is 15.1 percent more than 2017. The share of the system increased from 47.5 percent to 49.5 percent.

Western Union is in second place with 35.6 billion tenge, an increase of 25.8 percent. The share has grown from 21.2 percent to 24.2 percent.

The third top money transfer system is MoneyGram. Some 11.7 billion tenge has been sent through MoneyGram, which is 95.3 percent more than in 2017. The share has increased from 4.5 percent to 8 percent.

( $1 = 360.12 tenge, on Aug. 20)