Russia has announced the initiation of money transfers to Uzbekistan via its fast payment system (SBP), as reported by Alla Bakina, the Director of the Department of the Central Bank of the Russian Federation. This service is now accessible to VTB and Alfa Bank clients, enabling transfers to Uzbekistan, Tajikistan, and Belarus.
The SBP is particularly favoured by labour migrants and relocates, offering a convenient alternative to international payment systems, whose operations in Russia have been restricted due to the ongoing conflict in Ukraine.
In addition to VTB and Alfa Bank, other Russian financial institutions, including Rosselkhozbank and Pochta Bank, plan to incorporate the SBP for cross-border transfers.
The volume of remittances from Russia to Uzbekistan has significantly increased in recent years. In 2022, remittances from Russia to Uzbekistan reached a record $14.5 bn, marking a 2.6-fold increase within a year. In the first quarter of 2021, Uzbeks sent about $680 mn from Russia, a 12.4% increase compared to the same period in 2020. These statistics underscore the importance of such payment systems in facilitating financial transactions between these countries.
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