The volume of cross-border remittances to Uzbekistan experienced a surge in the first half of 2024, as reported by Mamarizo Nurmuratov, Chairman of the Board of the Central Bank of Uzbekistan, during a press conference on July 25. From January to June, remittances from abroad amounted to a substantial $6.5bn, reflecting a 25% increase compared to the same period last year.
While Russia remains the dominant source of remittances, its share in the total volume has seen a decrease. Remittances from the Russian Federation totaled $4.95bn in the first half of the year, accounting for 77% of the total, down from 82% the previous year.
Kazakhstan emerged as the second-largest source of remittances, contributing $347mn. The United States followed closely with $271mn, marking a remarkable 43% increase year-on-year.
The remittance landscape also saw contributions from South Korea, Poland, and Germany. Remittances from South Korea and Poland almost doubled in the first six months of the year. Meanwhile, funds transferred from Germany increased by two-thirds. These substantial increases show the diversification of labor migration and the growing economic ties between Uzbekistan and these countries.
Mamarizo Nurmuratov emphasized that the volume of remittances in the first half of this year was twice as high as initially forecasted.
“These factors indicate a certain continuation of the diversification of labor migration,” noted Nurmuratov.
The diversification trend is evident in increases in remittances from countries like the USA, Germany, Poland, and South Korea. According to the Central Bank Chairman, international money transfers to Uzbekistan from the USA increased by 43%, from Germany by 64%, and from Poland and Korea by almost two times compared to the same period last year.
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