Kazakhstan reports a 17% decrease in money transfers
According to operational statistics from the National Bank, the amount of cross-border money transfers from Kazakhstan reached $147.3 million in June 2024, which is a 16.6% decrease compared to last year. Uzbekistan remains the leading destination, with a 39.3% share. In June, $60.4 million was sent to Uzbekistan, an 8% decrease compared to June 2023.
Among the other popular destinations for money transfers from Kazakhstan are Russia ($41.2 million or a 26.9% share), Turkey ($22.3 million or 14.5%), Georgia ($10.3 million or 6.7%) and Kyrgyzstan ($5.4 million or 3.6%).
The amount of money transfers dropped by 1.1% month-on-month. However, Uzbekistan’s share as the leader in terms of money transfers increased by 7.7%, up from 27.4% in May.
Meanwhile, Kazakhstan also reported a 27.4% decline in money transfers coming into the country year-on-year and a 14.1% decline month-on-month, totaling $134.2 million. Leading countries sending money to Kazakhstan include Russia ($11.1 million or a 27.6% share), the U.S. ($5.4 million or 13.6%) and South Korea ($4.8 million or 11.9%). Uzbekistan and Turkey hold the fourth and fifth positions with shares of 10% and 7.9%, respectively.
The number of money transfers from Russia surged in the spring of 2022 after Western countries imposed sanctions against Russian banks and the two largest international payment systems, Visa and Mastercard, left the country. At the time, many Russians started opening accounts in Kazakhstani banks and depositing money through money transfer systems that do not require an account. In February 2022, Russia was fourth with a share of 12.4%. By March, this share grew to 17.8%, pushing Russia to the first place. In absolute figures, these transactions have doubled, reaching $9.6 million.
The most popular payment system in Kazakhstan is the Russian KoronaPay with a market share of 90% and $13.8 million in total money transferred, reflecting a 5.2% decline year-on-year and a 1.1% decrease month-on-month.
