TASHKENT, Uzbekistan, September 2. Uzbekistan has become the leading country in money transfers from Russia, Trend reports.
Thanks to Russian VTB Bank expanding the options for money transfers to Uzbekistan back in August 2023, the increase in transfers was recorded. In particular, 26 banks got connected for better, faster transactions.
Previously, Tajikistan was the leading country in terms of money transfers from Russia.
VTB meanwhile, expects the number of available destinations to increase to 30 countries by the end of the year. From January to August, VTB's retail clients made over 140,000 transfers abroad worth 21 billion rubles ($218 million).
The volume of money inflows to Uzbekistan from January through April 2023 increased by almost 20.8 percent year-on-year, reaching $3.1 billion, according to Uzbekistan’s Central Bank (CBU). During the first four months of 2023, the largest number of money transfers was recorded in March 2023 – $819 million.
According to the bank, the smallest number of money transfers ($763 million) was recorded in April 2023, which is almost 30 percent less, compared to the same period last year – $1.07 billion.
In 2022 money transfers to Uzbekistan amounted to $16.9 billion, increasing by 2.1 percent, compared to the figure for 2021. During the reporting period, Russia ranked first among the countries of the world in terms of remittances to Uzbekistan ($14 billion). The amount of money sent from Russia increased 2.6 times compared to 2021.