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    Uzbekistan

    Volume of remittances from Russia decreases by almost half in 2023 - Central Bank of Uzbekistan

    Volume of remittances from Russia decreases by almost half in 2023 - Central Bank of Uzbekistan

    The Central Bank of Uzbekistan's (CBU) labor market report indicates a nearly 50% decline in remittances from Russia last year, a significant shift that impacted household income and the foreign exchange market. Cross-border remittances from labor migrants constituted 16% of total household income from 2018 to 2023, offsetting trade balance deficits and serving as a vital source of foreign exchange.

    Photo: The Central Bank's labor market report indicates a nearly 50% decline in remittances from Russia last year
    Source: TASS
    The report highlights a gradual geographical diversification in labor flows, with a decrease in the share of transfers from Russia from 87% in 2022 to 78% in 2023.

    The volume of remittances from Russia experienced a notable contraction, dropping by 41.7% over the year, from $14.7 bn to $8.58 bn. Russian government agency data revealed a 12% year-on-year decrease in patents and work permits issued to Uzbek citizens in the first half of the year, along with a 43% decline in migration registrations, reflecting reduced migration flows.

    Despite the decline in remittances from Russia, the report highlights a 14% increase in remittances from other countries. An active labor migration policy and expanded cooperation with various countries are expected to reshape the structure of remittance inflows in the medium and long term.

    The Central Bank's forecast for 2024 anticipates a 10-12% increase in cross-border transfers, reaching $12-12.5 bn. This projection aligns with efforts to mitigate the impact of declining remittances from Russia.

    The World Bank recently adjusted its medium-term economic growth forecast for Uzbekistan, citing factors such as China's slowing growth and reduced remittances from Russia.

    The President of Uzbekistan has directed the Ministry of Employment to train and send 100,000 Uzbek citizens to countries in Europe and Asia, aiming to diversify labor migration destinations. However, only 6% of the planned labor migrants have been sent as of now.

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    24.01.2024, 09:00   Comments (0)   2346
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