1.34 billion dollars was transferred to Uzbekistan in June

In January-June 2022, 5.66 billion dollars were sent to Uzbekistan from abroad, the Central Bank reported.

it is 70 percent ($3.32 billion) more than in the corresponding period of 2021.

Compared with January-May data, Uzbekistan received $1.34 billion in remittances in June.

This is a record for monthly money transfers in recent years. In May, $1.6 billion was transferred.

What affects money transfers in Uzbekistan?

Remittances are very important - they provide for the local population and support the country's economy.

Remittances affect even those who have no one to work abroad.

• First, remittances partially cover the negative balance in foreign trade - Uzbekistan almost always buys more than it sells. In 2021, the secondary income of the population will increase by 21% and reach 6.3 billion dollars. This is the result observed due to foreign transfers.
• Second, transfers support the exchange rate of the som. Thanks to them, the soum depreciated by only 0.2% in June - this is the best indicator in recent years. The more money is transferred to Uzbekistan, the higher the supply of foreign currency in the market. Last year, this offer increased by 1.6 times.

Thus, migrants' remittances directly ensure the population's ability to make payments, the demand for goods and services, and economic growth.