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    Central Bank of Uzbekistan forecasts 10-15% surge in 2024 remittances, reaching nearly $13bn

    Central Bank of Uzbekistan forecasts 10-15% surge in 2024 remittances, reaching nearly $13bn

    The Central Bank of Uzbekistan anticipates growth of remittances in 2024 by 10-15%, amounting to $12-12.5 bn, Kursiv reported. This forecast is based on the Central Bank’s labour market review.
    Photo: Central Bank of Uzbekistan forecasts 10-15% surge in 2024 remittances, reaching $12-12.5bn
    Source: The Fintech Times

    Factors influencing growth

    The regulator believes that the creation of additional conditions for labour migrants and the demand for workers abroad will allow the dynamics of migration and money transfers to be maintained this year.

    Comparison with previous years

    In 2023, the volume of cross-border money transfers to Uzbekistan increased by 14%, a significant rise compared to the 3% increase in 2022.

    Regional trends

    The Asian Development Bank recorded positive dynamics of remittances from the Russian Federation to Central Asian countries last spring. This trend aligns with the Central Bank of Uzbekistan’s forecast, indicating a regional pattern of increasing remittances.

    Broader economic context

    The World Bank has also provided an optimistic outlook for Uzbekistan’s economic growth in the coming years. The anticipated growth in remittances is likely to contribute to this positive economic trajectory.

     

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    23.01.2024, 17:21   Comments (0)   2467
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