The volume of remittances to Uzbekistan reached $14.8 billion in 2024, marking a 29.8% increase from 2023, when $11.4 billion was transferred from abroad, the Central Bank said.

central bank, remittances

The highest inflows were recorded in July ($1.78 billion) and August ($1.55 billion). However, money transfers volumes gradually declined in the following months, reaching $1.07 billion in December.

Russia continues to be the primary source of remittances, accounting for $11.5 billion (77%), a 29% increase from 2023. However, its share of total inflows declined from 78.2% to 77%.

Other key contributors included Kazakhstan — $795 million, the US — $577 million (+35%), South Korea — $534 million (+56%), Turkey — $405 million and the UK — $135 million (+83%).

Overall, remittances from the European Union grew by 32%.

central bank, remittances

The Central Bank attributed the rise in remittances to increased economic activity and wages in host countries, along with a growing share of transfers from high-income nations. Currency fluctuations in key migrant destinations and seasonal factors also influenced inflows.

Traditional transfer channels handled more than half of all remittances, totaling $8.16 billion (+14.4%). Meanwhile, p2p services saw a 50.8% surge, reaching $5.91 billion, increasing their share from 34% to 40%. SWIFT transfers more than doubled to $774 million.

Remittances from Uzbekistan to other countries amounted to $2.8 billion, a 19% increase from 2023.

The Central Bank forecasts that total remittances to Uzbekistan could reach $15 billion by the end of 2024 and $20 billion by 2027, with further diversification expected from high-income countries.