Remittances entering and leaving Uzbekistan in the past 10 months

From January to October 2024, Uzbekistan received a total of $12.6 billion in remittances, while $2.3 billion was sent abroad, according to a Central Bank report.

The majority of these funds, 78%, came from Russia, amounting to $9.8 billion, which represents a 35% increase compared to the same period last year. Other sources of remittances included Kazakhstan with $699 million, the United States at $470 million, South Korea at $458 million, Turkey at $331 million, and the United Kingdom at $109 million, along with several other countries contributing smaller amounts.

The report explains that the growth in remittance volume is largely due to increased economic activity and rising wages in the main partner countries, particularly in Russia. Labor migration flows to developed countries have also risen.

The average salary in key sectors for labor migrants in Russia saw an increase of 38%, with significant wage rises in specific areas such as 55% in construction, 48% in delivery services, 46% in taxi and restaurant services, and 14% in freight transportation.

Additionally, more than 113,000 citizens from Uzbekistan were sent abroad in an organized and safe manner in 2024, which marks a 3.6-fold increase compared to the same period in the previous year. As for remittances sent from Uzbekistan, $2.3 billion left the country during this period, with an increase in the volume of cross-border remittances to countries like the USA, South Korea, the UK, and the EU.