The volume of Uzbekistan-bound remittances increased In Q1 of 2024, the governor of the Central Bank Mamarizo Nurmuratov announced this at a press conference on April 25.
According to him, the bolume of transfers increased by 8.6% - from 2.3 billion to 2.5 billion USD. This is also higher than Q1 of 2022 ($1.46 billion) and 2021 ($1.41 billion). “Russia and Kazakhstan’s aggregate shares has decreased to 84%, while Russia’s share decreased significantly - to 68%,” he said.
In 2022, Russia’s share in remittances was about 87%, and in 2023 it decreased to 78%.
In 2019–2021, remittances from Russia accounted for only about half of the total volume of remittances to Uzbekistan.
At the end of last year, the World Bank highlighted a gradual decline in the volume of remittances from Russia to Uzbekistan. This was explained by a reduction in the number of Uzbek labor migrants in the Russian Federation, higher soum to ruble rate, as well as rising inflation in Russia.
The Central Bank said earlier that there was geographic diversification in labor migration with a reduction in the share of remittances from Russia.
In January, president Shavkat Mirziyoyev instructed to organize the training of about 100 thousand citizens of the country for employment in foreign countries through organized recruitment. Later, the Agency for External Labor Migration announced a recruitment for 50 thousand vacancies for work in Germany, as well as in South Korea and other countries. New measures are also being introduced to support and train migrant workers.
