Money transfers from Russia to Uzbekistan grow 29% in 2024

TASHKENT. Jan 20 (Interfax) - The total amount of money transfers to Uzbekistan from abroad increased 30% in 2024 compared to the previous year to stand at $14.8 billion, the press service for the country's central bank said.

Transfers from Russia totaled $11.5 billion last year, up 29%, amounting to 77% of all money transfers to the country.

The growth in money transfers is a result of positive trends in labor migration, the Central Bank of Uzbekistan said. In particular, this includes economic activity in the countries accepting labor migrants, a rise in demand for labor and a growth in wages, and an increase in the share of highly-paid workers in accepting countries.

The number of Uzbek citizens temporarily working abroad fell by a third in 2024 to 1.14 million people, according to official information. Around 1 million of them were in Russia.