In the first quarter of 2024, the volume of cross-border money transfers to Uzbekistan has increased. This was announced by the Chairman of the Central Bank, Mamarizo Nurmuratov, during a press conference on April 25.
According to the head of the Central Bank, the amount of transfers has grown by 8.6% - from $2.3 billion to $2.5 billion. This is also higher than in the first quarter of 2022 ($1.46 billion) and 2021 ($1.41 billion). "The share of Russia and Kazakhstan has decreased to 84%. The share of Russia has decreased more significantly - to 68%," he said.
It is worth noting that by the end of 2022, Russia's share in money transfers was about 87%, which decreased to 78% in 2023.
From 2019 to 2021, money transfers from Russia accounted for only about half of the total volume of money transfers to Uzbekistan.
At the end of last year, the World Bank noted a gradual decrease in the volume of money transfers from Russia to Uzbekistan. This was attributed to a reduction in the number of Uzbek labor migrants in Russia, the strengthening of the sum's exchange rate against the ruble, and the inflation growth in Russia.
The Central Bank previously indicated that there is a geographical diversification in labor migration with a decrease in the share of transfers from Russia.
It is worth recalling that in January, Uzbekistan's President Shavkat Mirziyoyev instructed to prepare around 100,000 citizens of the country for employment in foreign countries through organized recruitment. Later, the Agency for External Labor Migration announced the recruitment for 50,000 vacancies to work in Germany, as well as in South Korea and other countries. New measures are being introduced to support and prepare labor migrants.
