Central Bank: Uzbekistan received remittances totaling $14.8 billion.

The remaining part of the remittances came from Kazakhstan ($795 million), the USA ($577 million), South Korea ($534 million), Turkey ($405 million), the United Kingdom ($135 million), and other countries.

According to the regulator, the increase in the volume of money transfers in 2024 compared to 2023 is attributed to positive trends in labor migration. Specifically, this is due to the growth in economic activity, demand for labor, and wage levels in host countries, as well as an increased share of high-income countries in the migration geography.

Analysis of the funds received on a monthly basis shows that, in addition to seasonal factors related to labor migration, fluctuations in the exchange rates of national currencies in traditional host countries have also influenced the dynamics of remittances in 2024.

In 2024, the volume of cross-border money transfers to Uzbekistan increased by 83% from the United Kingdom, by 56% from South Korea, by 35% from the USA, and by 32% from European Union countries compared to 2023.

During this period, $8.2 billion was received by individuals through traditional international money transfer systems (an increase of 14% compared to 2023), $5.9 billion through direct transfers (P2P) to individuals' bank cards from abroad (an increase of 51%), and $774 million through bank transfers (SWIFT) (an increase of 2.1 times).

The popularity of direct transfers (P2P) to individuals' bank cards from abroad is growing due to their speed, convenience, and relative affordability. In 2024 alone, the number of P2P transactions reached 71 million (an increase of 47% compared to 2023), and their share in the total volume of received funds rose to 40% (from 34% in 2023).

The volume of money transfers from Uzbekistan abroad in 2024 amounted to $2.8 billion, which is 19% more compared to 2023.

In 2024, the total volume of foreign currency transactions between banks and individuals increased by 19% ($4 billion) compared to 2023, reaching $25.5 billion. During the reporting period, individuals sold $16.1 billion to banks, which is 31% more compared to 2023 ($12.3 billion in 2023).

At the same time, the volume of foreign currency purchased by individuals from banks grew by 3% compared to 2023, reaching $9.4 billion ($9.1 billion in 2023).

Thus, the volume of foreign currency sold by individuals to banks exceeded the volume of currency purchased by $6.7 billion, which, in turn, became an additional source of supply in the domestic currency market.

Furthermore, appropriate measures were taken to develop the currency exchange infrastructure, expand the network of exchange points, and ensure their uninterrupted operation.

In particular, to expand the coverage of the currency exchange infrastructure for the population, the total number of exchange points in banks across the republic increased by 20% over the year, reaching 6,200.

The number of automated currency exchange ATMs operating 24/7 exceeded 3,400. They are placed in areas of high foot traffic, tourist zones, airports, train stations, hotels, and shopping centers.