Money transfers to Uzbekistan sharply increased: $3.3 billion was sent in the first quarter of 2025.
During January–March of 2025, the volume of money transfers from abroad to Uzbekistan amounted to 3.3 billion US dollars. This figure is 32 percent higher than the corresponding period of the previous year (in the first quarter of 2024 — $2.5 billion).
In a commentary on monetary policy, the Central Bank reported this.
The Central Bank's data show that this growth is linked to two main factors - an increase in the flow of labor migrants and the strengthening of the currencies of key partner countries (especially Russia).
In particular, if in January and February, money transfers of almost 1 billion dollars were made to the country each month, in March this figure reached 1.2 billion dollars - one of the highest monthly results observed so far.
According to the Central Bank, the funds sent by labor migrants are significantly impacting the country's currency earnings and the level of domestic consumption. Moreover, the increase in wages and demand for labor in the countries with a high number of migrant workers contribute to the growth of money transfers.
Because of this, the Central Bank has revised its annual growth forecast for money transfers for 2025: from a previous 10–12 percent to now around 15–18 percent.
At the same time, future risks are not being discounted — a slowdown in global economic growth rates and variability in the currency exchange rates of partner countries could negatively impact the dynamics of money transfers.
We remind you that according to the results of 2024, the volume of money transfers to Uzbekistan was 14.8 billion dollars, which is 30 percent or 3.4 billion dollars more than in 2023.
Abdullah Sayyid
