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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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Pexels
Pexels

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 Ranking.kz.

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.

Ranking.kz
Ranking.kz

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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