Remittances to Uzbekistan grow by nearly 13% in Q1

Cross-border money transfers to Uzbekistan have seen a steady increase during the first quarter of 2026, according to a recent presentation by the Central Bank. Between January and March, the volume of remittances reached $3.78 billion, representing a 12.9% rise compared to the same period in 2025. This growth equates to an additional $433 million flowing into the country’s economy in the first three months of the year alone.

Photo: Morteza Nikoubazl / Zuma / ТАСС

The data reveals a consistent positive trend throughout the quarter, although the rate of growth varied by month. January recorded the highest surge at 15.8%, followed by 13.7% in February and 9.61% in March. This momentum follows a record-breaking performance in 2025, when cross-border transfers to the republic grew by more than 27% to reach $18.9 billion, a figure that accounted for more than 12.8% of the national Gross Domestic Product (GDP).

The Central Bank maintains an optimistic outlook for the remainder of the year, forecasting that the total volume of international money transfers will increase by 14-16% by the end of 2026. Regulators attribute this expected growth to the ongoing implementation of systemic measures designed to diversify migration flows. In particular, the government has been actively working under intergovernmental agreements to direct labor migrants toward developed countries, moving beyond traditional regional markets.

These sustained inflows continue to play a vital role in supporting household incomes and domestic consumption in Uzbekistan. As the government continues to formalize and expand labor migration channels through bilateral partnerships, the Central Bank anticipates that these financial cushions will remain a stable component of the country’s external economic balance throughout the 2026–2027 period.