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Finance 17/07/2025 Volume of Remittances to Uzbekistan Grows by 27% in First Half of 2025

Volume of Remittances to Uzbekistan Grows by 27% in First Half of 2025

Tashkent, Uzbekistan (UzDaily.com) — From January to June 2025, the total volume of remittances received in Uzbekistan from abroad reached US$8.2 billion, marking a 27% increase—or US$ 1.8 billion—compared to the same period last year, according to the Central Bank of Uzbekistan.

The majority of these funds—US$6.4 billion, or 78% of the total—originated from Russia. Other notable sources included Kazakhstan, the United States, South Korea, Türkiye, the United Kingdom, Kyrgyzstan, Lithuania, and several other countries.

The rise in cross-border transfers is attributed to multiple factors. On one hand, there remains strong demand for labor in countries that are traditional destinations for Uzbek migrant workers, accompanied by relatively high wage levels. On the other hand, the strengthening of national currencies in those countries has also contributed to the increase in remittance volumes.

The geographical expansion of Uzbekistan’s labor migration is ongoing, which is reflected in the growing inflow of funds from economically developed nations. Notably, remittances from the United Kingdom have doubled. Inflows from European Union countries rose by 41%. Among specific EU member states, remittances from Ireland increased by 2.8 times, from Lithuania by 79%, from the Netherlands by 44%, and from Poland by 20%. Inflows from the United States also grew by 15%.

In terms of transfer channels, the largest share—US$4.3 billion, or 53%—was processed through traditional international money transfer systems, representing a 22% increase compared to the previous year.

Direct card-to-card (P2P) transfers to individual bank accounts amounted to US$3.6 billion, showing a 40% rise.

Transfers via the SWIFT banking system totaled US$251 million, down 22% compared to the same period in 2024.

The volume of funds sent from Uzbekistan to other countries during the first half of 2025 remained unchanged from the previous year, amounting to US$1.2 billion.

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