The decrease in economic activity in the countries -- the main trading partners -- will negatively affect the volume of foreign exchange flows to Uzbekistan, the Central Bank said.
According to the CB calculations, the negative impact of external economic conditions on the reduction of remittances to Uzbekistan will begin to fully manifest itself from the second quarter of 2020, and their volumes will be lower than last year’s figures by the end of this year.
According to preliminary estimates, the volume of cross-border money transfers will decrease by 30-35% compared to last year.
At the same time, the decline in remittances in April-July (month-to-month of the same period last year) can reach up to 50%, followed by a gradual recovery.
In April, the volume of remittances decreased by 50% compared with the corresponding month of 2019. However, when analyzing the weekly volumes of transfers for April, there is a certain recovery observed since the third week of April.