For the first ten months of 2024, remittance inflows to Uzbekistan totaled $12.6 billion, marking a 34% increase compared to the same period last year, according to a report by the Central Bank of Uzbekistan cited by Asiaplus.tj. The main source remains Russia, contributing $9.8 billion (+35%), representing 78% of the total remittances.
Other notable sources include:
- USA: $470 million (+37%)
- South Korea: $458 million (+71%)
- United Kingdom: $109 million (+76%)
- European Union countries: $340 million (+41%)
- Kazakhstan: $699 million
- Turkey: $331 million
Key trends include:
- Money transfer systems: $7 billion (+19%)
- P2P transfers: $4.9 billion (+52%)
- SWIFT transfers: $650 million, showing a 2.4-fold increase.
The growth is attributed to increased economic activity in labor-migrant-receiving countries and higher wages in sectors like construction (+55%) and delivery services (+48%) in Russia. Official labor migration from Uzbekistan has tripled, with over 113,000 citizens finding work abroad through official channels this year.
The Central Bank forecasts remittances to reach $15 billion by the end of 2024 and $20 billion by 2027. Outbound remittances from Uzbekistan have reached $2.3 billion so far this year, with the country's GDP now at $100 billion.
CentralasianLIGHT.org
December 3, 2024