Russia Surpasses Uzbekistan in Outbound Money Transfers to Kazakhstan
The flow of money sent from Kazakhstan to neighboring countries has been on a decline for the second consecutive year, according to data from the National Bank of Kazakhstan. In the first half of the year, individuals transferred 383.4 billion tenge ($799.3 million) out of the country, marking a 12.2% decrease compared to the same period in 2023.
The largest share of these transfers went to Russia, with 119.6 billion tenge ($249.3 million) sent in the first half of the year. Uzbekistan and Turkey followed in second and third place, receiving 103 billion tenge ($214.7 million) and 80.2 billion tenge ($167.2 million) respectively.
On the other hand, the volume of incoming transfers to Kazakhstan also experienced a decrease, with a total of 120.3 billion tenge ($250.8 million) received in the first half of the year. Russia led in incoming transfers with 34.1 billion tenge ($71.1 million), followed by the United States and South Korea.
Despite the decrease in both outgoing and incoming transfers, countries like Uzbekistan, Turkey, and Germany continue to be major sources of remittances to Kazakhstan. The trend of decreasing money flow to and from the neighboring republic underscores the need for further analysis of the economic factors at play in the region.
