In November 2023, the inflow of remittances reached $191.2mn, which is $19.6mn more than a month earlier, according to data provided by the National Bank. However, compared to November 2022, the figure decreased by 1.2 times, or $48.1mn.
Source of transfers
Most of the money transfers, amounting to $178.6mn, came from Russia. An additional $6.8mn was transferred from other states in the Kyrgyz Republic, and $3.1mn came from the United States.
Total transfers in 2023
In total, from January to November 2023, compatriots transferred $1.8bn to the country. This is 34%, or $934.7mn, less than the previous year.
Cash outflow
At the end of November, there was also a cash outflow of $28.3mn. During the month, the figure decreased by $7.4mn. Unlike November 2022, the figure decreased fivefold, by $114.5mn. Most of the money was withdrawn to Russia ($25.3mn). In just eleven months of 2023, $424mn was withdrawn from the republic, which is 2.5 times, or $658.5mn less than in 2022.
Net inflow of remittances
The net inflow of remittances in January-November 2023 to Kyrgyzstan amounted to $1.4bn. This is $276.2mn, or 16.7%, less than in the ten months of 2022.
2022 remittance volume
At the end of 2022, the volume of remittances to the country amounted to $2.9bn. Moreover, $1.2bn was transferred from the Kyrgyz Republic to other countries. The net inflow is $1.7bn.
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