In May 2024, the National Bank of Kazakhstan reported an increase in remittance volumes through international money transfer systems (IMTS) between Kazakhstan and its neighboring countries. Notably, transactions involving Russia, Uzbekistan, and Kyrgyzstan highlighted notable financial flows contributing to the region's economic landscape.
Remittances Between Kazakhstan and Russia
According to official data, remittances from Russia to Kazakhstan totaled 5.9 bn tenge (approximately $12.4mn), while remittances from Kazakhstan to Russia amounted to 20.4bn tenge (around $42.5mn). These transactions, totaling 104,510, points to the robust financial interactions between the two countries.
Financial Movements with Uzbekistan and Kyrgyzstan
Similarly, Kazakhstan experienced active financial transactions with Uzbekistan and Kyrgyzstan in May 2024. Remittances from Kazakhstan to Uzbekistan reached 15.2 bn tenge (about $32.1mn), with 9.1bn tenge (approximately $19.3mn) flowing in the opposite direction. Transactions with Kyrgyzstan showed a transfer of 7.4 bn tenge (around $15.6mn) from Kazakhstan and 5.3bn tenge (about $11.2mn) from Kyrgyzstan to Kazakhstan.
Overall Trends and Growth
In total, May 2024 saw 220,000 transactions through IMTS in Kazakhstan, amounting to 75.7bn tenge (approximately $159.4mn). This marks a 5.1% increase in transaction volume and an 11.7% increase in transaction value compared to April 2024, reflecting ongoing financial activities within the region.
Regional Remittance Trends
The broader context of remittances within the Europe and Central Asia region has shown consistent growth, reaching a record $79bn in 2022—a 19% increase from the previous year. Despite geopolitical challenges, such as Russia's invasion of Ukraine, remittance inflows remained robust, primarily driven by capital migration and labor demands within Russia.
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