BISHKEK, Kyrgyzstan, September 7. The National Bank of Kyrgyzstan noted a negative trend in the volume of money transfers from other countries, Trend reports.
The net inflow of money transfers from individuals through transfer systems decreased by 33.2 percent from January through June 2023, compared to the same period last year. Based on these observations, the bank said that Kyrgyzstan faces risks of decreased volume in money transfers from abroad further.
It was noted that the reduction in money transfers has not led to a significant decrease in the income of the population, as salaries in the country were growing at a faster pace.
However, the bank anticipates that in the future, salary growth in the country will slow down while the decline in remittances inflow will continue.
The bank's report also said that the country's inflation rate by the end of the current year will be around 10.3 percent.
Total remittances to the country reached $2.9 billion in 2022. With $1.2 billion being transferred from Kyrgyzstan to other countries, the net inflow amounted to $1.7 billion.