The volume of money transfers to Uzbekistan reached $12.6 billion.

The remaining portion of the transfers came from Kazakhstan ($699 million), the USA ($470 million), South Korea ($458 million), Turkey ($331 million), the United Kingdom ($109 million), and other countries.

The upward trend in international money transfers to Uzbekistan in 2024 is attributed to increased economic activity and rising wages in countries hosting labor migrants, as well as the diversification of migration flows to developed nations.

In particular, the average salary in key sectors for migrants in Russia has risen by 38%. For instance, salaries in construction have increased by 55%, in delivery services by 48%, in taxi and restaurant services by 46%, and in freight transportation by 14%.

According to the Migration Agency of Uzbekistan, since the beginning of 2024, the number of citizens officially sent to work abroad has exceeded 113,000, which is 3.6 times more compared to last year. These measures also contribute to the growth of international money transfer volumes arriving in Uzbekistan. For example, transfers from the USA increased by 37%, from South Korea by 71%, from the United Kingdom by 76%, and from EU countries by 41%.

It is also worth noting that $7 billion of the total transfer volume was sent through traditional international systems (a 19% increase compared to last year), $4.9 billion through direct P2P transfers to individual bank cards (a 52% increase), and $650 million through bank SWIFT transfers (a 2.4 times increase). The share of P2P transfers received on bank cards accounted for 39%, rising by 4 percentage points.

The growth in direct P2P transfers is explained by the development of cross-border payment system infrastructure and the increasing popularity of these services. From January to October 2024, the number of P2P transactions surged by 46%, reaching $59 million.

The volume of money transfers sent from Uzbekistan abroad amounted to $2.3 billion.