In the first ten months of 2024, remittance inflows to Uzbekistan reached $12.6 billion, a 34 percent increase compared to the same period in 2023, according to a report on individual foreign currency transactions published by the country’s Central Bank.
The primary source of remittances remains Russia, contributing $9.8 billion (up 35 percent), which accounts for 78 percent of the total inflows. Significant growth in remittances has also been observed from other countries:
United States: Up 37 percent to $470 million
South Korea: Up 71 percent to $458 million
United Kingdom: Up 76 percent to $109 million
European Union countries: Up 41 percent to $340 million
Kazakhstan: Reaching $699 million
Turkey: Contributing $331 million
International money transfer systems remain dominant, facilitating $7 billion in inflows, a 19 percent increase over the same period last year.
Direct peer-to-peer (P2P) transfers to individuals' bank cards also saw a significant rise, totaling $4.9 billion—an increase of 52 percent.
The most dramatic growth was recorded in bank SWIFT transfers, which surged 2.4 times compared to last year. Although their volume remains relatively modest at $650 million, the increase highlights a shift in transfer mechanisms.
Experts attribute the surge to heightened economic activity in countries employing Uzbek migrant workers and rising wages in key sectors. For example, in Russia, average wages in construction have increased by 55 percent, while salaries in the delivery sector are up by 48 percent.
Uzbekistan’s Agency for Migration reports a threefold increase in the number of citizens officially employed abroad. Since the beginning of the year, over 113,000 Uzbeks have secured jobs in other countries through official channels.
The Central Bank anticipates remittance inflows will continue to grow, projecting $15 billion by the end of 2024 and $20 billion by 2027.
Outflows from Uzbekistan during the same period amounted to $2.3 billion.
