According to the Central Bank of the Republic of Uzbekistan, the volume of cross-border money transfers to Uzbekistan reached $14.8 bn in 2024, marking a 30% annual growth.
The majority of the transfers came from Russia, totalling $11.5 bn, which represents a 29% increase compared to 2023.
Other significant sources of remittances included Kazakhstan, with $795 million; the United States, with $577 mn; and South Korea, with $534 mn.
The most common method for sending money to Uzbekistan was through money transfer systems, which accounted for $8.2 bn. Peer-to-peer transfers (P2P) amounted to $5.9 bn, while SWIFT transfers totalled $774 mn.
According to the regulator, the growth in money transfers was influenced by the demand for labour and increases in wages in countries receiving Uzbek nationals. Additionally, the expansion of labour migration to developed countries had a positive impact on the situation.
Over the past year, Uzbekistan sent $2.8 bn abroad, representing a 14% increase compared to 2023.
