The parallel import of entrepreneurs from Russia through the countries of Central Asia had an impact on the growth of remittances from Russia to Uzbekistan, the Central Bank of Uzbekistan announced, PRIME news agency reported.
The volume of money transfers of individuals from Russia to Uzbekistan at the end of 2022 increased by 2.6 times compared to 2021, to $14.5 billion, the Central Bank of Uzbekistan reported earlier. The total volume of money transfers to Uzbekistan from abroad in 2022 increased by 2.1 times, to a record $16.9 billion.
"This is due to the following factors: the issuance of permission by the Russian government for "parallel imports" and the implementation by economic entities of Russia of imports related to Europe through Central Asia, in particular through Uzbekistan," the review published on the website of the Central Bank of Uzbekistan says.
Among other factors that influenced the growth of money transfers, there was an increase in the volume of payments for previously received goods and services and advance payments for the export of goods. "Under the influence of the geopolitical situation in Russia (in order to preserve capital), part of the foreign exchange funds transferred from the republic came back to Uzbekistan in the form of export earnings and as an advance on import contracts," the Central Bank of Uzbekistan added.
In Uzbekistan, remittances from Russia remain an important source of income for migrant families. According to official data from Uzbekistan, more than 2 million Uzbeks are currently working abroad, of which more than 60% are working in Russia.
CentralasianLIGHT.org
February 1, 2023