Money transfers between Russia and Uzbekistan

Up to 3/4 of households in rural Uzbekistan and approximately 1/3 of households in Tashkent have a relative who is working abroad (most of them are in Russia) and periodically sends money back home. Sharp change in the Russian currency exchange rate has significant negative economical impact on those families.

Money transfers between Russia and Uzbekistan have declined in the third quarter of this year compared with the same period of the last.  The total volume of remittances to Uzbekistan from abroad fell by 7.56%, and money transfers from Russia to Uzbekistan fell by 9.13%.

During the same period remittances from Uzbekistan to Russia increased by 16.55%. The flow om money from Uzbekistan to Russia could be related to people selling their properties and migrating to Russia. Based on Russian immigration data the most of immigrants to Russia are from Uzbekistan.

The average amount of one transaction from Russia to Uzbekistan decreased slightly (by 0.77%) consisted $648 in average. According to the Central Bank of Russia, the average amount of one transaction from Uzbekistan to Russia fell from $ 2,065 to $ 2,058 in the reporting period, according to the Central Bank of Russia.
The total of remittances for the first two quarters of 2014 in Uzbekistan from Russia consisted $2.54 billion.

The data are based on the analysis of systems Anelik, BLIZKO, Coinstar Money Transfer, Contact, InterExpress, Migom, MoneyGram, PrivatMoney, UNIStream, Western Union, AziyaEkspress, ALLURE, Blitz, Fast Mail, Gold Crown, LEADER and Russian Post.

Source

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About Ahmed Islamov

I was born and raised in Uzbekistan and lived in that country for about two thirds of my life. I left the country about 14 years ago but sustained tight bonds with my family and friends living there. I know and communicate personally with hundreds of people including blue-, white- or pink-collar workers. I am naturally very attached to and concerned with everything that is going on there.
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