An important trend was once again recorded in Uzbekistan’s economy – labor migrants’ money transfers grew significantly in the second quarter of 2024. According to official data, a total of $4.8 billion was sent to the country in April–June. This figure is almost a quarter – 21.4 percent – higher compared to the same period last year.
Looking at the results of the first half of the current year, the total volume of transfers reached $8.2 billion. This indicates a 27 percent growth compared to the same period of 2023. It should be emphasized that remittances from migrants remain a crucial source of ensuring the country’s economic stability.
Sources report that Russia still holds the leading position. From this country alone, Uzbekistan received $6.4 billion, which accounts for 78 percent of the total. At the same time, transfers from the Baltic states – Lithuania, Latvia, and Estonia – grew sharply in the second quarter, by 65.6 percent.
Transfers from the USA increased by 10.3 percent, from European countries by 26.9 percent, and from Russia by 23.7 percent. However, it was noted that the pace of growth in these directions slowed compared to previous years. Meanwhile, transfers from Asian countries remained stable, showing a 19 percent increase.
According to representatives of the Central Bank, the main reasons for the growth were the relative stability of currency exchange rates, the increase in wages, and high economic activity in the countries where migrants are employed. In addition, an important factor was the diversification of migration geography, meaning an increase in the number of transfers from new states.
Read 'Zamin' on Telegram!
