Uzbek Remittances Surge to US$18.9 Billion in 2025

Tashkent, Uzbekistan (UzDaily.com) — According to the Central Bank of Uzbekistan, the volume of remittances sent to the country from abroad increased by 28% in 2025, rising by US$4.1 billion to reach US$18.9 billion. These funds played a key role in maintaining stability in the domestic foreign exchange market.

The growth in inflows reflects Uzbekistan’s active integration into global labor migration channels. Alongside traditional destinations such as Russia, Kazakhstan, South Korea, and Türkiye, an increasing number of Uzbek migrants are moving to countries across Europe and Asia, reshaping the remittance landscape.

Significant increases were recorded from several developed nations. Remittances from the United Kingdom grew by 39%, while transfers from European Union countries rose by 37%, including Ireland (up 2.6 times), Croatia (2.5 times), Slovakia (+67%), Lithuania (+57%), the Netherlands (+49%), and Poland (+9%). Transfers from the United States and South Korea increased by 15%.

Analysis of remittance channels shows that 52% of all inflows (US$9.9 billion) were processed through traditional international transfer systems, while bank transfers accounted for only 2% (US$397 million), declining by 49%. At the same time, P2P transfers reached 46% (US$8.6 billion), growing 1.4 times due to the expansion of digital financial services, their convenience, and lower costs.

The World Bank reported that in the first quarter of 2025, the average global cost of sending US$500 was 4.26%, with mobile applications remaining the most affordable option, while bank transfers continued to be the most expensive channel.

Conversely, remittances sent from Uzbekistan abroad declined by 5% to US$2.7 billion in 2025.

Against this backdrop, total foreign exchange transactions between banks and the public rose by 32% to US$33.6 billion. Banks purchased US$21.6 billion (+34%) from individuals, while sales totaled US$12 billion (+27%). Of these operations, 57% (US$19.3 billion) occurred at exchange offices, 41% (US$13.8 billion) through remote channels, and US$574 million via ATMs with 24/7 access.

The volume of foreign currency purchased by banks from the public exceeded the amount sold by US$9.7 billion, boosting domestic supply and serving as an important factor in maintaining macroeconomic stability.