Almost 25% of All Money Transfers from Kazakhstan Were Sent to Uzbekistan

Residents of this republic have received from Kazakhstan $43.3 million

In April 2021, about $198.4 million was sent from Kazakhstan abroad through the money transfer systems. About 25% of all money transfers or $43.3 million were sent to Uzbekistan. Turkey has shown the second result (22.1%); the third is Russia (21.7%) and the next is Kyrgyzstan (15.7%), according to the National Bank of Kazakhstan.

Among other countries receiving money from Kazakhstan are China (3.6%), Armenia (2.9%), Georgia (1.9%), Azerbaijan (1.4%), Tajikistan (1.3%) and Ukraine (1.1%). 

In terms of transfer systems people use to send money abroad, the leader is Zolotaya Korona (80.7% or $160 million), which is followed by Contact, Western Union, Unistream, MoneyGram and other systems. The bulk of the transfers were sent in U.S. dollars and Russian rubles.

In April 2021, about $59.9 million were sent to Kazakhstan from abroad. The vast majority of this money was sent from Russia – 18.5% or $11.1 million. Uzbekistan (17.1%) and South Korea (16.2%) took the second and the third positions. The next positions went to Kyrgyzstan (12.6%), the U.S. (10.6%), Germany (6.3%), Turkey (3.9%), France (1.2%), the United Arab Emirates (1.1%) and Ukraine (1.1%). 

Money senders from abroad also prefer exploiting Zolotaya Korona, Western Union and MoneyGram. They accounted for about 93.2% of all money transfers into Kazakhstan. The most popular currencies for these transfers are the U.S. dollar and Kazakhstani tenge.

As of April 2021, the amount of all money transfers within Kazakhstan reached $14.3 million.

This year Uzbekistan has seen a surge in the number of transfers. Over the first four months of this year, the volume of transfers to Uzbekistan amounted to $1.99 billion, which is 50% higher than in the same period last year ($1.33 billion). The peak of transfers was reported in April ($577 million), while the lowest rate was fixed in January ($427 million).

In 2020, Uzbekistan also was the champion among CIS countries in terms of money transfers. 

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