Kazakh National Bank reveals volume of funds transferred via int'l payment systems

Kazakhstan Materials 28 March 2023 13:51 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, March 28. The volume of transactions via the international payment systems to and from Kazakhstan amounted to 1.8 trillion Kazakh tenge ($3.93 billion), a source at the National Bank of Kazakhstan told Trend.

This is a 32.7 percent increase compared to 2021.

Transfers between Kazakhstan and foreign countries constitute the vast majority of operations (94.7 percent). The average incoming and outgoing transfer value is nearly identical - 413,000 Kazakh tenge ($902) and 415,000 Kazakh tenge ($907) respectively.

The share of incoming transfers amounted to 37.6 percent, while 57.1 percent of transfers were outgoing. Only 5.2 percent of the overall transfers were carried out between senders and recipients located within Kazakhstan.

The increase of outgoing funds amounted to 2.4 percent, while a significant surge of 2.4 times more incoming funds was processed in 2022. The increase is attributed to a sharp growth of funds received from Russia (6.8 times), Kyrgyzstan (2.8 times), and the US (33 percent).

Meanwhile, the average amount of an intrastate transfer amounted to 178.8 Kazakh tenge ($390), which is a 58 percent increase compared to the 2021 results.