In the past 10 months, Uzbekistan has received remittances totaling $12.6 billion.

According to the Central Bank, 78% of all remittances came from Russia (amounting to $9.8 billion), which represents a 35% increase compared to last year. The remaining transfers were made from Kazakhstan ($699 million), the USA ($470 million), South Korea ($458 million), Turkey ($331 million), the UK ($109 million), and other countries.

“The observed trend in 2024 of increasing international money transfers to Uzbekistan is linked to the growth of economic activity and wages in key partner countries that host labor migrants, as well as the diversification and increase of labor migration flows to developed countries,” the financial regulator's review states.

It is also noted that, according to the data from the Migration Agency of Uzbekistan, since the beginning of 2024, the number of citizens officially sent to work abroad, primarily in developed countries, under organized labor migration procedures and norms, has exceeded 113,000 people, which is 3.6 times more compared to the previous year.

The measures taken are also reflected in the volumes of international money transfers coming to Uzbekistan from abroad. Specifically, from January to October 2024, the volume of remittances received from the USA increased by 37%, from South Korea by 71%, from the UK by 76%, and from European Union (EU) countries by 41%.

Additionally, $7 billion of the total volume of transfers received by individuals came through traditional international money transfer systems, showing a 19% increase compared to the same period last year; $4.9 billion was through direct money transfers (P2P) to individual bank cards (a 52% increase), and $650 million was via bank SWIFT transfers (a 2.4 times increase).

The Central Bank noted that the share of P2P (online) money transfers received on individual bank cards accounted for 39% of the total volume of cross-border transfers. Experts attributed the significant increase in direct P2P money transfer volumes to the development of cross-border payment system infrastructure and the growing popularity of these services. In particular, from January to October 2024, the number of P2P transactions reached 59 million, marking a 46% increase compared to last year.

At the same time, the volume of money transfers sent from Uzbekistan abroad since the beginning of the year has totaled $2.3 billion.

The review also includes data on foreign exchange operations carried out over the 10 months of this year. Thus, the total volume of banks' operations for buying and selling foreign currency with individuals increased by 19% (to $3.3 billion) compared to the same period last year, totaling $20.9 billion.

From the beginning of 2024 through October, individuals sold foreign currency to banks amounting to $13.2 billion, which is 32% more than in the corresponding period last year ($10 billion). Meanwhile, the volume of foreign currency purchased by individuals grew by 2%, reaching $7.7 billion (up from $7.6 billion in 2023).

It is noted that as a result, the positive balance from individuals' foreign currency transactions ($5.5 billion) has contributed to additional currency supply in the domestic market.