In January–October 2024, money transfers to Uzbekistan amounted to $12.6 billion, marking a 34% increase compared to the same period last year.
This was reported in the Central Bank’s brief review of foreign currency operations by individuals. Of the total amount, 78% ($9.8 billion) came from Russia, reflecting a 35% growth compared to the same period last year. The remaining funds were transferred from Kazakhstan ($699 million), the United States ($470 million), South Korea ($458 million), Turkey ($331 million), the United Kingdom ($109 million), and other countries.
The upward trend in international money transfers to Uzbekistan is mainly attributed to increased economic activity and wage levels in key host countries for labor migrants, as well as a rise in migration flows to developed economies.
For instance, according to online sources, average wages in key sectors employing labor migrants in Russia have risen by 38%. Specifically, wages in the construction sector increased by 55%, delivery services by 48%, taxi and restaurant services by 46%, and freight transportation by 14%.
Notably, money transfers from high-income markets utilized by Uzbek labor migrants have grown significantly. Transfers from the United States increased by 37%, from South Korea by 71%, from the United Kingdom by 76%, and from European Union countries by 41% compared to the same period last year.
Since the beginning of 2024, over 113,000 Uzbek citizens have been officially and safely deployed to work in developed countries, a figure 3.6 times higher than the same period last year.
The popularity of P2P and SWIFT money transfers is also rising. The number of P2P (online) transactions reached nearly 59 million during January–October 2024, a 46% increase compared to last year.
During the same period, outward remittances from Uzbekistan amounted to $2.3 billion. Additionally, the total volume of foreign currency purchase and sale operations between banks and individuals grew by 19%, reaching $20.9 billion.
Individuals sold $13.2 billion worth of foreign currency to banks, which is 32% more than the same period last year, while purchasing $7.7 billion, a 2% increase compared to 2023.
As a result, the supply of foreign currency by individuals exceeded demand by $5.5 billion, serving as an additional source of liquidity in the domestic foreign exchange market.
These developments underline a growing trend in Uzbekistan’s cross-border financial flows, driven by favorable conditions in labor and foreign exchange markets.
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