Remittance Inflow to Kyrgyzstan Increases by $6 Million
Remittances to Kyrgyzstan Decrease in 2023
According to data from the National Bank of Kyrgyzstan, in November 2023, migrants transferred $191.2 million to the country. This amount is $19.6 million more than the previous month. The majority of remittances came from Russia, totaling $178.6 million, with $6.8 million coming from other countries and $3.1 million from the United States. However, despite the increase in November, the overall amount of remittances in January to November 2023 was $1,803.1 billion, which is 34 percent or $934.7 million less than the previous year.
In contrast, there was also an outflow of funds at the end of November, totaling $28.3 million. This amount was significantly less than in previous years, with $25.3 million being transferred to Russia. In total, for eleven months of 2023, $424 million was withdrawn from the republic, which is 2.5 times or $658.5 million less than in 2022.
Overall, the net inflow of remittances in January to November 2023 to Kyrgyzstan reached $1,379.1 billion. This is $276.2 million or 16.7 percent less than the figure for the same period in 2022. At the end of 2022, the total volume of remittances to the country was $2,928.2 billion, with $1,200.7 billion being transferred from the Kyrgyz Republic to other states, resulting in a net inflow of $1,727.5 billion.
