Tashkent, Uzbekistan (UzDaily.com) — In 2024, the volume of money transfers to Uzbekistan increased by 30%, or US$3.4 billion, compared to the previous year, reaching a total of US$14.8 billion. This was stated by the Central Bank of Uzbekistan.

Of this amount, 77% (US$11.5 billion) came from Russia, which is 29% more than in 2023.

The remaining portion of the transfers came from Kazakhstan (US$795 million), the United States (US$577 million), South Korea (US$534 million), Turkey (US$405 million), the United Kingdom (US$135 million), and other countries.

According to the regulator, the increase in money transfers in 2024 compared to 2023 is attributed to positive trends in labor migration. Specifically, the rise in economic activity, demand for labor, and wage levels in migrant-receiving countries, as well as the increase in the share of high-income countries in migration geography, contributed to this growth.

An analysis of the funds received on a monthly basis shows that, in addition to seasonal factors related to labor migration, exchange rate fluctuations in the national currencies of traditional migrant-receiving countries also influenced the dynamics of transfers in 2024.

In 2024, the volume of cross-border money transfers to Uzbekistan increased by 83% from the United Kingdom, 56% from South Korea, 35% from the United States, and 32% from European Union countries compared to 2023.

During this period, US$8.2 billion was received by individuals through traditional international money transfer systems (a 14% increase compared to 2023), US$5.9 billion through direct transfers (P2P) to individuals’ bank cards from abroad (a 51% increase), and US$774 million through bank transfers (SWIFT) (a 2.1-fold increase).

The popularity of direct transfers (P2P) to individuals’ bank cards from abroad is growing due to their speed, convenience, and relative affordability. In 2024 alone, the number of P2P transactions reached 71 million (a 47% increase compared to 2023), and their share of the total volume of incoming funds rose to 40% (compared to 34% in 2023).

The volume of money transfers from Uzbekistan abroad in 2024 amounted to US$2.8 billion, which is 19% more than in 2023.

In 2024, the total volume of foreign currency exchange transactions between banks and individuals increased by 19% (by US$4 billion) compared to 2023, reaching US$25.5 billion. During the reporting period, individuals sold US$16.1 billion to banks, which is 31% more than in 2023 (US$12.3 billion in 2023).

Meanwhile, the volume of foreign currency purchased by individuals from banks grew by 3% compared to 2023, totaling US$9.4 billion (US$9.1 billion in 2023).

Thus, the volume of foreign currency sold by individuals to banks exceeded the volume of foreign currency purchased by US$6.7 billion, which became an additional source of supply in the domestic currency market.

In addition, relevant measures were taken to develop the currency exchange infrastructure, expand the network of exchange points, and ensure their uninterrupted operation.

In particular, to expand the coverage of the currency exchange infrastructure for the population, the total number of exchange points in banks across the country increased by 20% over the year, reaching 6,200.

The number of automated currency exchange ATMs, operating 24/7, exceeded 3,400. These machines are located in areas of high foot traffic, tourist zones, airports, train stations, hotels, and shopping centers.