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Astana, Kazakhstan • 03 November, 2022 | 16:39

Which Countries Receive the Most Remittances from Kazakhstan?

Remittances sent from Kazakhstan via money transfer systems increased by 6% in 2022

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In the first eight months of this year, 685.8 billion tenge were sent from Kazakhstan abroad through international money transfer systems (MTS) - 6.4% more compared to the same period last year, QazMonitor reports citing

The number of transactions, in this case, decreased by 2.7% to 1.6 million tenge, due to which the average bill per transfer rose by 9.4% to 418.9 thousand tenge.

In January-August 2022, just over 70% of the volume of transfers abroad through the FDP accounted for only three countries - Uzbekistan (201.7 billion tenge), Turkey (163.6 billion tenge) and Russia (117.3 billion tenge). Transfers to the Kyrgyz Republic (62.5 billion tenge) and Georgia (50.6 billion tenge) also comprised significant volumes.

A significant portion of the remittances from Kazakhstan are in US dollars. The average monthly weight of dollars in remittances in 2021 was 78.2%, while in the first eight months of 2022, the amount reduced to 73.7%. In January-March, the share of dollar transfers in the total volume of money transferred abroad was 82.3-84%. The figure decreased significantly to 58.4% in July and slightly recovered to 68.5% in August.

The share of transfers from Kazakhstan in national currency, in contrast, increased. For example, tenge transfers accounted for 21.2% of the transferred funds in August, while the highest share of tenge this year was recorded in July - 28.1%. For comparison, in 2021 tenge accounted for an average of 9.5% of money transferred per month.

The highest proportion of money transfers from Kazakhstan in Russian rubles was registered in June this year - 19.9%, more than in 2021, when it was 11% per month on average. However, by August, the share of transfers in rubles has decreased to the usual 10%.

The weight of transfers in euros this year decreased from 1-1.4% to an insignificant 0.2% of the total volume of funds transferred through MTS.

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