The volume of money transfers from Kazakhstan to Uzbekistan in January–May 2023 decreased by 13% compared to the same period last year. Over five months, it amounted to 81.5 billion tenge, or $182.7 million. By this indicator, Uzbekistan ranked third among destination countries. The data is provided by the Ranking.kz portal.
Top remittance destinations
Turkey topped the list of cross-border transfers from Kazakhstan with 89.5 billion tenge ($200 million) sent there. Russia came second with 89 billion tenge ($196 million).
Overall dynamics
From January to May 2023, Kazakhstanis and foreign guests sent 349.2 billion tenge ($783.2 million) abroad. This is 10.8% less than in the same period of the previous year. Thus, remittances to Uzbekistan declined faster than the cross-border transfer market from Kazakhstan as a whole.
Significance for Uzbekistan
Money transfers from migrant workers remain a source of foreign currency inflows for the receiving country. Previously, the Central Bank of Uzbekistan predicted a decline in the volume of remittances to the republic.