In the past year, money transfers to Uzbekistan increased by 30%.

Uzbekistan, Tashkent – According to AN Podrobno.uz, in 2024, the volume of money transfers received in Uzbekistan rose by 30%, reaching a total of $14.8 billion, as reported by the country’s Central Bank. This marks an increase of $3.4 billion compared to 2023.

https://podrobno.uz/cat/economic/denezhnye-perevody-v-uzbekistan-v-minuvshem-godu-vyrosli-na-30-/2025-01-21 08:12:43

According to the Central Bank, 77% of this amount (or $11.5 billion) came from Russia, which is a 29% increase compared to last year. Significant transfers also originated from Kazakhstan ($795 million), the USA ($577 million), South Korea ($534 million), Turkey ($405 million), the United Kingdom ($135 million), and other countries.

The growth in money transfer volumes can be attributed to an improved situation in labor migration, heightened demand for the workforce, and rising wages in host countries. Additionally, the geography of migration has expanded to include more high-income nations.

In particular, transfers from the United Kingdom surged by 83%, South Korea by 56%, the USA by 35%, and countries in the European Union by 32%.

In terms of transfer methods, 40% of funds last year were sent via direct transfers to individuals' bank cards from abroad (P2P), reflecting a 51% increase compared to the previous year. These transfers gained popularity due to their speed and low cost. The number of P2P transactions in 2024 reached 71 million, which is a 47% increase from 2023.

Furthermore, the volume of money transfers from Uzbekistan abroad last year amounted to $2.8 billion, marking a 19% rise compared to 2023.

Regarding foreign currency operations, the total volume of currency buying and selling in 2024 grew by 19% and reached $25.5 billion. In this context, individuals sold $16.1 billion to banks, which is a 31% increase over the previous year.

It is worth noting that to enhance currency exchange operations, the number of exchange points in banks has increased by 20%, and the number of automated currency exchange ATMs operating 24/7 has surpassed 3,400.