CB provides info about volume of money transfers to Uzbekistan 

Uzbekistan received $6.53 billion in remittances in the first half of the year, almost twice as much as the same period in 2021.

In the report on the balance of payments, the Central Bank provided a breakdown of transfers by country from which they came. The main part of the inflow falls on the CIS countries, and their share has now grown to 87% of the total against 77.8% in the first half of the previous year.

Of the CIS countries, in turn, the vast majority of transfers (81% of all) are provided by Russia. For six months, $5.31 billion was received from there, or 2.3 times more than last year’s level.

The second place was taken by Kazakhstan. In January-June, money in the equivalent of $327 million (+11.2%) was transferred from there, although in the neighboring republic estimates it at $272.8 million. At the same time, $54 million was received in the opposite direction, which is noticeably less than last year.

Kyrgyzstan ranks third in cross-border transfers with $33 million (+22%), but the amount of transfers to this country from Uzbekistan is almost twice as high – $64 million. Tajikistan is the next – $11 million from there, and $4 million in the reverse side.

Among non-CIS countries, the main “donor” of transfers to Uzbekistan for the first half of the year was the United States – $237 million (+ 2.6%). The second place was taken by South Korea with $138 million (-15.9%). Transfers back amounted to $30 million and $23 million.

Turkey is in third place among countries outside the CIS – its transfers amounted to $104 million (-5.5%). At the same time, $247 million was sent to Turkish recipients from here in six months – this is the maximum transfers from Uzbekistan.

There are also significant inflows from Israel ($78 million), Switzerland ($70 million), Sweden ($24 million) and the United Arab Emirates ($23 million).

Experts linked the spring surge in transfers from Russia to the CIS with “card tourism” and relocation. In addition, according to economists, against the backdrop of the situation with cash dollars in Russia, currency speculators have become more active.