Remittances to Uzbekistan grow 27% amid strong labor demand abroad

From January to June this year, the total volume of remittances sent to Uzbekistan from abroad reached $8.2 billion, marking a 27% ($1.8 billion) increase compared to the same period in 2024, according to a report by the Central Bank.

Photo: Morteza Nikoubazl / Zuma / ТАСС

Russia accounted for the lion’s share of the inflows, contributing 78% ($6.4 billion). The remaining portion came from Kazakhstan, the United States, South Korea, Turkey, the United Kingdom, Kyrgyzstan, Lithuania, and other countries.

The growth in remittances during the first half of the year is attributed to sustained demand for labor and stable wage levels in countries where Uzbek migrant workers are commonly employed, as well as to the strengthening of the UZS.

The diversification of labor migration destinations also continues, as reflected in rising cross-border transfers from developed countries. Notable year-on-year increases include:

the United Kingdom – up 2x to $89 million;
European Union countries – up 41% to $251 million;
the United States – up 15% to $313 million.

In the first half of 2025, $4.3 billion (53%) of all remittances to Uzbekistan were sent via traditional international money transfer systems – a 22% increase year-on-year.

An additional $3.6 billion (44%) was transferred through peer-to-peer (P2P) transactions directly to personal bank cards from abroad – a 40% increase. Meanwhile, $251 million (3%) was sent through the SWIFT system, representing a 22% decline compared to 2024.

Outflows of money transfers from Uzbekistan to other countries during the same period remained unchanged at $1.2 billion.