The volume of Uzbekistan-bound remittances topped $3.3 billion in 2025 Q1, recording a 32% growth to the same period last year ($2.5 billion), the Central Bank said in a monetary policies report.
Initially, in 2025 forecast, the growth was projected at 10-12%. However, the Central Bank improved this forecast to 15-18%.
This was facilitated by the strengthening of the currencies of countries receiving labor migrants, the growth of wages in these countries, as well as an increase in demand for labor in high-income countries.
Meanwhile, there remains a certain uncertainty in the dynamics of remittances in the future, given the expected high volatility of the currencies of economic partners and the downward revision of their economic growth forecasts.
In particular, year-to-date, the Russian ruble and Kazakh tenge have strengthened against the US dollar, but against the background of expectations of a decrease in oil prices, certain devaluation pressure may arise for these currencies.
The Central Bank added that the dynamics of cross-border remittances remained an important factor in supporting domestic demand and increasing household income. According to the National Statistics Committee, in Q1 the share of remittances from abroad in the total income of housholds increased from 15.8% to 19.5%.
Central Bank’s deputy governor Abror Mirzo Olimov previously highlighted the growth of money remittances as one of the factors in the stability of the dollar exchange rate in 2025.
In 2024, the volume of money remittances to Uzbekistan increased by almost 30% - to $ 14.8 billion. Remittances from Russia increased by 29%, but its share continues to decline. While, remittances from the USA increased by 35%, from the UK - by 1.8 times, from Korea - by 1.6 times.
At the beginning of 2025, the number of Uzbeks working overseas surpassed 1.35 million - 34% less than a year ago. In particular, their number in Russia decreased by 1.7 times. At the same time, the trend of returning labor migrants home is ongoing. Recently, the government of Uzbekistan invited fellow countrymen, including those working abroad, to the New Tashkent projects, with 38 construction skills being in high demand, including masons, plumbers and electricians, with wages in 8-15 million soums range offered ($600-1,150).
