Uzbekistan became main recipient of cross-border money transfers from Kazakhstan in 2023

At the end of 2023, Uzbekistan became the main recipient of cross-border money transfers from Kazakhstan, reports the press service of the National Bank of the Republic of Kazakhstan.

Through international money transfer systems, the total volume of transactions amounted to 1.33 trillion tenge, which is 26% lower than in 2022. Almost three-quarters of the transfers were sent abroad, the rest from abroad.

About 80% of cross-border transfers were carried out through the Zolotaya Korona system. The average amount of one transfer abroad is 372.2 thousand tenge ($828.6).

Uzbekistan traditionally retained its leadership in remittances from Kazakhstan with 264.38 billion tenge ($588.62 million at the exchange rate of the Central Bank of Kazakhstan).

Russia is in second place, where 241.3 billion tenge ($537.22 million) were sent. Next come Turkey, Georgia and Kyrgyzstan, which together account for more than 347 billion tenge ($772.69 million).

The volume of remittances to Kazakhstan amounted to 369 billion tenge ($821 million), which were sent through the Zolotaya Korona and Western Union systems. The average transaction amount was 282.3 thousand tenge ($628.5). The top five major senders included Russia, the USA, Uzbekistan, South Korea and Turkey.

For 11 months of 2022, the volume of remittances from Kazakhstan to Uzbekistan amounted to 276 billion tenge ($593 million). Russia took second place with 175.8 billion tenge ($379.4 million).