Remittances - The Times Of Central Asia

Viewing results 1 - 6 of 36

Russia Economy Remittances Migrant Workers money tranfer International Finance

Uzbekistan Receives $14.8 Billion in Remittances in 2024

The total volume of remittances sent to Uzbekistan in 2024 reached a record $14.8 billion, marking a 30% increase - equivalent to $3.4 billion - compared to the previous year. This data comes from the Central Bank’s Brief Review on Currency Transactions of Individuals. Key Sources of Remittances Russia remains the dominant source of remittances for Uzbekistan, accounting for 77% of the total, or $11.5 billion - a 29% increase from 2023. Other key contributors include: Kazakhstan: $795 million United States: $577 million South Korea: $534 million Turkey: $405 million United Kingdom: $135 million July saw the highest inflow of remittances, with $1.785 billion received, while February recorded the lowest amount, at $738 million. Remittance growth varied significantly by country / region: United Kingdom: Up 83% South Korea: Up 56% United States: Up 35% European Union: Up 32% While inflows surged, the volume of remittances sent abroad from Uzbekistan also grew, increasing by 19% in 2024 to reach $2.8 billion. Russia remains the largest source of remittances to Uzbekistan, thanks to the significant number of Uzbek migrants working there. However, new restrictions introduced in 47 Russian regions, including the occupied territories of Crimea, Sevastopol, and Zaporozhye, could negatively impact Central Asian migrant workers. According to the Russian Ministry of Internal Affairs, there were more than 6.1 million foreigners in Russia in 2024, the majority from Central Asia and other CIS countries. Among them, over 1.88 million Uzbek citizens visited Russia during the first eight months of the year, underscoring the strong ties between Uzbek migrant labor and Russia's economy. The substantial increase in remittances highlights the critical role of labor migration in Uzbekistan’s economy. However, the evolving regulatory environment in key source countries like Russia could pose challenges for Central Asian migrants and, by extension, Uzbekistan’s remittance-dependent economy.

Tajikistan Economy Migration Remittances Labor

Tajikistan: Remittances from labor migrants exceed foreign investments

DUSHANBE (TCA) — Tajikistan’s labor migrants abroad send home much more money than direct foreign investments coming to Tajikistan, Avesta news agency reported. According to Tajik government sources, in 2013-2019 the economy of Tajikistan received a little more than US $3 billion of direct foreign investment. In November, Jamshed Nurmakhmadzoda, chairman of the National Bank of Tajikistan, said that in January-September 2019, Tajik labor migrants abroad sent home $2.490 billion, a 7-percent increase on-year. Experts say that the main source of living of hundreds of thousands of Tajik families is money sent home by their family members working abroad. Most Tajik labor migrants work in Russia. It was earlier reported that over the past five years (2013-2018), Tajik labor migrants sent home via bank transfers more than $15 billion, which manifold exceeds the amount of direct foreign investments during the period. Avesta earlier reported that the amount of money sent home by Tajik labor migrants from Russia in January-September of this year exceeded Tajikistan’s annual budget. It was also reported that remittances from labor migrants abroad account for more than 75 percent of all income of Tajikistan’s population.

Tajikistan Migration Remittances Labor

Remittances from labor migrants in Russia exceed Tajikistan’s annual budget

DUSHANBE (TCA) — The amount of money sent home by Tajik labor migrants from Russia in January-September of this year exceeded Tajikistan’s annual budget, Avesta news agency reported. During the first nine months of this year, Tajik labor immigrants in Russia sent home US $2.49 billion, a 7-percent growth on-year. According to Tajikistan’s Finance Ministry, the country’s state budget in January-November 2019 amounted to 20.568 billion somoni or more than US $2.1 billion according to the official exchange rate of the Tajik National Bank. The total state budget of Tajikistan for 2019 from all sources of financing is 23.7 billion somoni or more than US $2.448 billion. That means that during the first three quarters of this year, Tajiks working in Russia sent home the amount exceeding their home country’s annual budget. It was earlier reported that remittances from labor migrants abroad account for more than 75 percent of all income of Tajikistan’s population.

Central Asia: Labor migration, remittances and shortage of specialists

BISHKEK (TCA) — Central Asian economies excluding Kazakhstan are heavily dependent on labor migrant transfers. Migrants from Uzbekistan are leading in terms of remittances. In 2018, of $9.5 billion transferred by individuals from Russia, the most money was sent to Uzbekistan. Continue reading

Kyrgyzstan: How to benefit from labor migration

BISHKEK (TCA) — Labor migrants are the main source of remittance to Kyrgyzstan. If it were not for their money, the country's GDP would have decreased by a third, including budget revenues and wages, Economy Minister Oleg Pankratov said at the fourth Mekendeshter (Compatriots) Forum held on August 8-9 in Cholpon-Ata, a resort city at Lake Issyk-Kul. About 200 compatriots from 27 countries participated in the meeting, organized by the Initiatives of Roza Otunbayeva Public Foundation with the support from the Swiss Bureau for International Cooperation. Representatives of diasporas and compatriots living abroad shared their experience in implementing social and business projects in Kyrgyzstan and told their success stories. Earning abroad According to official data, about 800,000 Kyrgyz citizens are working abroad, mostly in Russia. According to unofficial data, the figure exceeds one million. Their remittances to the homeland amount to about $2.5 billion annually. Over the first half of 2018, the total inflow of remittances to Kyrgyzstan exceeded $1.2 billion, 13% more compared to the same period last year. Traditionally, the largest volume of remittances was from labor migrants from Russia followed by USA and Kazakhstan. According to the World Bank, one from three persons lives below the poverty line in Kyrgyzstan’s villages. Most of the rural population receives income from agriculture and remittances from relatives working abroad. The National Bank of the Kyrgyz Republic forecasts an increase in the inflow of remittances from labor migrants this year. Modern phenomenon? "The fact that many of our compatriots are living and working in different countries is not a tragedy but a modern phenomenon. They master new technologies and study democracy, and learn to develop. Therefore, we should use their experience and intellectual potential. We need to properly manage migration and benefit from it," said Roza Otunbayeva, the initiator of the forum and ex-President of Kyrgyzstan. Labor migration is a temporary phenomenon, Economy Minister Pankratov believes. The Government should ensure that people, having gained experience and capital, were able to return home and work in Kyrgyzstan. The Government is now planning to stimulate the economy’s transition to industrial development. The largest number of jobs is generated in the industrial sector, primarily in the processing and light industry, he said. The money that comes from labor migrants does not replenish the loss of the able-bodied population and the demographic gap in the country. If the migration continues in Kyrgyzstan, a situation may arise when the number of elderly people would prevail over the young population, experts say. Council under the President President of Kyrgyzstan attended the Compatriots’ Forum for the first time in its history since 2012. President Sooronbai Jeenbekov showed that he is seriously concerned about the problems of migrants and wants to help them. "There are successful compatriots who have achieved much abroad and are going to invest in large investment projects in Kyrgyzstan, as well as to attract serious investments into our economy," Jeenbekov said. Such patriotic contemporaries need a single platform for solving problems and achieving common goals....

Kyrgyzstan: different sides of labor migration

BISHKEK (TCA) — Labor migrants gradually turn into real investors of Kyrgyzstan's new economy, President of Kyrgyzstan Sooronbai Jeenbekov said at his meeting with compatriots who work outside the country earlier this month. Continue reading