From January to September 2024, the volume of cross-border remittances to Uzbekistan increased by 34.8%, Central Bank Chairman Mamarizo Nurmuratov announced at a press conference on October 31, reports Gazeta.uz.
The volume of remittances during this period reached $11.62 billion (compared to $8.4 billion over the same nine months in 2023). The highest amount of remittances to Uzbekistan was in July, totaling $1.78 billion. Over the first ten months, the sum reached $12.5 billion.
According to the Central Bank head, transfers from Russia rose by 35% to $8.75 billion, although its share decreased from 77% (by the end of the first half of the year) to 75.3%. Remittances from South Korea amounted to $420 million (+76%), Kazakhstan - $625 million, the USA - $415 million, Turkey - $291 million, the United Kingdom - $93 million (+67%), and Poland - $48 million (almost doubled). Transfers from the UAE grew by 66% (amount not disclosed).
It is worth noting that, by the end of 2022, Russia’s share in remittances was around 87%, which declined to 78% in 2023.
Late last year, the World Bank noted a gradual decrease in remittances from Russia to Uzbekistan, attributing this to a reduced number of Uzbek labor migrants in Russia, the strengthening of the Uzbek som against the ruble, and rising inflation in Russia.
In January, Uzbek President Shavkat Mirziyoyev ordered preparations for the organized employment of approximately 100,000 citizens abroad.
Later, the Agency for External Labor Migration announced 50,000 job openings for work in Germany, as well as in South Korea, Poland, the United Kingdom, and other countries. New measures are also being introduced to support and prepare labor migrants.
CentralasianLIGHT.org
October 31, 2024