Tashkent, Uzbekistan (UzDaily.com) —  Between January and October 2024, the volume of remittances to Uzbekistan amounted to US$12.6 billion, marking a 34% increase compared to the same period last year, according to the Central Bank of Uzbekistan.

Of this amount, 78% (US$9.8 billion) originated from Russia, reflecting a 35% year-on-year growth.

The remaining transfers came from Kazakhstan (US$699 million), the USA (US$470 million), South Korea (US$458 million), Türkiye (US$331 million), the UK (US$109 million), and other countries.

The growth in remittances to Uzbekistan in 2024 is attributed to increased economic activity and rising wages in countries hosting labor migrants, as well as the diversification of migration flows to developed countries.

In Russia, for instance, average wages in key sectors for migrants rose by 38%. Specifically, wages in construction increased by 55%, delivery services by 48%, taxi and restaurant services by 46%, and freight transportation by 14%.

According to Uzbekistan’s Migration Agency, over 113,000 citizens were officially sent abroad for work in 2024, a 3.6-fold increase compared to the previous year. These developments have also contributed to the rise in remittance volumes. For example, transfers from the USA grew by 37%, from South Korea by 71%, from the UK by 76%, and from EU countries by 41%.

Of the total remittances, US$7 billion were sent via traditional international systems, showing a 19% increase year-on-year; US$4.9 billion were transferred through direct P2P transactions to personal bank cards, a 52% rise; and US$650 million were processed through SWIFT bank transfers, a 2.4-fold increase. The share of P2P transfers received on bank cards rose to 39%, up by 4 percentage points.

The growth in P2P transfers is driven by the expansion of cross-border payment infrastructure and the increasing popularity of such services. During January-October 2024, the number of P2P transactions grew by 46%, reaching US$59 million.

The volume of remittances sent from Uzbekistan abroad amounted to US$2.3 billion.