Despite the lockdown and pandemics, the volume of remittances to Uzbekistan in 2020 topped US$ 6.03 billion, an increase by US$ 17 million dollars or 0.3% to 2019, the Central Bank said.
It was noted that the volume of cross-border remittances sent abroad reached US$ 1.2 billion, an increase of US$ 157 million or 15% over the same period last year. As a result, the positive balance of international cross-border remittances reached US$ 4.83 billion.
Uzbekistan’s payment balance figures in 2020 was influenced by changes in the domestic and foreign markets due to the outbreak of the COVID-19 pandemic, declining foreign trade, slowing global economy and increasing financial risks.
Nevertheless, the introduced lockdown measures became local in nature, the risks of negative impact on the total volume of cross-border remittances did not occur, and transfers to residents remained at the level of 2019.
This trend is explained by the fact that more illegal or man-to-man money remittances are sent through more banking services last year.
For information, remittances fell sharply, especially in March-April (non-working weeks were announced in Russia due to the pandemic), and doubled in May compared to April. At the same time, remittances in June and August surpassed last year's figure.