According to Kazakhstan’s National Bank, international money transfer volume via the International Money Transfer System (IMTS) during the first six months of 2024 was $1 billion, which was 19% less than a year prior. Moreover, the previous-year indicator also showed a loss compared to 2022, but the loss was 26%.
Transactions between individuals constitute most of the international transfers — 94%. The regulation authority explains that it’s convenient for private entities as another special account is not required.
The vast majority of the transfers (98%) are cross-border transfers, whereas three-fourths of those ($805 million) were sent abroad. The average amount of an international transfer is $692.40.
The most popular transfer destination is Russia, accounting for almost a third of all cross-border transfers. Uzbekistan constitutes a fourth of all remittances, followed by Turkey at 21%. The least popular countries are Georgia (7.7%) and Kyrgyzstan (3.6%).
For comparison, in 2023, Uzbekistan was a leader in terms of remittances from Kazakhstan, making 27.5%. Russia constituted slightly less, at 25.1%. A total volume of $2.7 billion was transferred through the IMTS last year.
Approximately 87% of transfers in the first six months of 2024 were executed through the Zolotaya Korona system. Western Union took 7%, MoneyGram 2% and other systems scored 4%.
