From January to October, the volume of money remittances to Uzbekistan topped $12.6 billion, which is 34% higher than the same period last year, the Central Bank's said in a review.
According to the Central Bank, Russia account for 78% of all receipts, or $9.8 billion, which is 35% more than in the same period in 2023. Remittances from Kazakhstan reached $699 million, from the United States - $470 million (+37%), South Korea - $458 million (+71%), Turkey - $331 million, Great Britain (+76%) - $109 million. From the EU countries - $340 million (+41%).
The growth in the volume of international remittances to Uzbekistan in 2024 is reportedly due to an increase in economic activity and wage levels in countries receiving labor migrants, as well as an increase in the scale of migration to developed countries.
Thus, according to information from online platforms, the average salary level in key sectors for migrants in Russia has increased by approximately 38%. In particular, salaries in construction have increased by 55%, in the delivery sector - by 48%, in taxis and restaurant services - by 46%, and in cargo transportation - by 14%.
In addition, according to the Migration Agency, year-to-date, more than 113 thousand individuals have been officially, safely and organizedly employed, mainly in developed countries, which is 3.6 times more than in the same period last year. This has also affected the increase in the volume of money remittances from abroad.
$7 billion came to Uzbekistan through traditional international money transfer systems (an increase of 19% compared to January-October 2023), US$ 4.9 billion - through direct remittances to bank cards of individuals (p2p) from abroad (an increase of 52%), and $650 million - through bank remittances (SWIFT), which is 2.4 times more than last year.
At the same time, the share of remittances made through direct remittances to bank cards (p2p) increased by 4 percentage points compared to the same period last year and reached 39% of the total volume of remittances.
The growth in the volume of p2p remittances in 2024 is explained by the development of the infrastructure of cross-border payment systems and the popularization of these services among individuals. Thus, in January-October, the number of p2p transactions reached almost 59 million, which is 46% more than last year.
In addition, in January-October, the volume of money remittances from Uzbekistan abroad topped $2.3 billion.
By the end of 2024, the volume of money remittances to Uzbekistan may grow to $15 billion, and by 2027 - to $20 billion, the Central Bank predicted. Further diversification of sources of cash receipts is expected due to high-income countries.
At the end of last year, the World Bank noted a gradual decrease in the volume of money remittances from Russia to Uzbekistan. This was explained by a decrease in the number of Uzbek labor migrants in the Russian Federation, the strengthening of the sum against the ruble, as well as the growth of inflation in Russia.
In January, the President Shavkat Mirziyoyev instructed to organize the training of about 100 thousand individuals of the country for employment in foreign countries through organized recruitment.
Later, the Agency for External Labor Migration announced recruitment for 50 thousand vacancies for work in Germany, as well as in South Korea, Poland, Great Britain and other countries. New measures to support and train labor migrants are also being adopted.
