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Astana, Kazakhstan • 08 February 2024

Money Transfer Trends: Kazakhstan’s Top Remittances in 2023

Russia accounted for the largest volume of international money transfers to Kazakhstan

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Collage by QazMonitor
Collage by QazMonitor

Cross-border remittances from Kazakhstan via international money transfer services reached ₸961.4 billion in 2023— a 7.3% decrease y/y. In the preceding two years, transfers sent abroad exceeded ₸1 trillion annually, according to data from ranking.kz

In 2023, the volume of inbound international money transfers in Kazakhstan declined by 2.2 times y/y totaling ₸305.8 billion. The difference is due to a record-breaking figure in 2022, as inbound money transfers from Russia were abnormally high in volume. Compared to 2021, the total volume of inbound transfers received increased by 7.9%.

Source: ranking.kz based on National Bank statistics
Source: ranking.kz based on National Bank statistics

The year-over-year breakdown by country shows that Uzbekistan emerged as the top recipient of money transfers from Kazakhstan in 2023 at ₸264 billion (8.9% drop y/y). Russia followed closely, with ₸241.4 billion sent (23.2% increase). The number of transfers to Turkiye totaled ₸222 billion (18.3% decline). Transfers to Georgia saw a rise of 29.4%, amounting to ₸91.8 billion.

Source: ranking.kz based on National Bank statistics
Source: ranking.kz based on National Bank statistics

Russia ranked first in inbound money transfers to Kazakhstan with ₸108.1 billion. This marked a decline of 3.3 times compared to January–December 2022. The United States and Uzbekistan each saw transfers totaling ₸33.6 billion, whereas transfers from South Korea were slightly lower at ₸32.7 billion.

Source: ranking.kz based on National Bank statistics
Source: ranking.kz based on National Bank statistics
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