Uzbekistan experienced a significant 30% year-on-year increase in cross-border money transfers in 2024, reaching a total of $14.8 billion, according to the Central Bank. The largest influx of remittances occurred in July, with $1.78 billion in transfers, a remarkable 66% rise compared to the same month last year. However, transfer volumes declined in subsequent months, with December seeing $1.07 billion in remittances, still representing an 11% increase from 2023.
Russia remained the dominant source of remittances, contributing 77% of the total, or $11.5 billion. Other key contributors included Kazakhstan with $795 million and the United States with $577 million.
Notably, remittances from non-CIS countries saw substantial growth. The UK’s remittance inflows surged by 83%, reaching $135 million, while South Korea’s contributions totaled $534 million, marking a 56% increase. The European Union also saw a 32% rise, totaling $410 million.
The Central Bank attributed the growth in remittances to stronger economic performance in the source countries, which boosted labor demand and wages. The increase also reflects changes in migration patterns, with more migrants coming from nations with higher per capita incomes. Currency exchange rate fluctuations in countries popular with Uzbek migrants also played a role in the higher transfer volumes.
Over half of the funds received, amounting to $8.16 billion, were through traditional transfer systems, showing a 14.4% increase compared to 2023. Peer-to-peer (P2P) services also saw notable growth, with $5.91 billion transferred via individual cards, a 50.8% rise. The share of P2P services in total remittances grew to 40%, up from 34% in 2023. Additionally, bank SWIFT transfers more than doubled, reaching $774 million.
Uzbekistan also saw an increase in outbound remittances, which rose by 19%, totaling $2.8 billion.
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