Money transfers to Uzbekistan rose in the first half of 2025, reaching $8.2bn, a 27% increase compared to the same period last year, according to a report from the Central Bank of Uzbekistan.
The growth was steady month-to-month, with transfers totaling $1.06bn in January, $1.07bn in February, $1.21bn in March, $1.43bn in April, $1.64bn in May, and $1.78bn in June.
Russia remained the dominant source, accounting for 78% of all incoming remittances, or approximately $6.4bn. Other key sending countries included Kazakhstan, the United States, South Korea, Turkey, the United Kingdom, Kyrgyzstan, and Lithuania, which together contributed $1.8bn.
The Central Bank attributed the rise in remittances to several factors: stronger national currencies, sustained demand for labor in host countries, and a shift in labor migration toward more developed economies.
Notably, remittances from the UK doubled from $44mn to $89mn. Transfers from EU countries rose by 41%, led by Ireland (up 2.8 times), Lithuania (up 79%), the Netherlands (up 44%), and Poland (up 20%). Transfers from the U.S. increased by 15%, from $271mn to $313mn.
In terms of transfer channels, $4.3bn came through traditional international money transfer systems (up 22%), while peer-to-peer (p2p) bank card transfers accounted for $3.6bn (up 40%). Transfers via the international SWIFT system, however, declined by 22%, totaling $251mn.
Meanwhile, the amount of money sent abroad from Uzbekistan remained stable at $1.2bn, unchanged from the previous year.
In the first quarter of 2025, Uzbekistan received $3.3bn in remittances—an $800mn, or nearly 32%, increase from the same period in 2024. The rise was fueled by stronger foreign currencies and increased labor migration to wealthier countries.
Remittances remain a vital part of Uzbekistan’s economy. A 2024 World Bank study found they made up 14% of GDP and helped keep poverty levels from rising sharply—from 9.6% to a potential 16.8%.
In 2024, total remittances to Uzbekistan reached $14.8bn, up $3.4bn from the previous year. Russia remained the main source with $11.5bn, followed by Kazakhstan, the U.S., South Korea, Turkey, and the U.K.
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