The volume of money transfers from Russia to Kazakhstan in March exceeded 40% of the total amount of such transactions. The statistics of the National Bank of the Republic on remittances from abroad shows.
"In March 2023, 114 thousand transactions worth 29.9 billion tenge ($67.5 million) were transferred to Kazakhstan from abroad through the money transfer system. The number and volume of money transfers increased by 24.4% and 15.6% compared to February 2023, respectively. Russia leads by the volume of money received from abroad - 12.2 billion tenge ($27.5 million, the share of the total amount - 41%)," the financial regulator said in its report.
Moreover, the largest amount of remittances to Kazakhstan comes from Uzbekistan (10.4%), South Korea (9.9%), USA (9.7%) and Turkey (6%).
In March 2022, 4.5 billion tenge ($10.1 million at current exchange rate) were transferred from Russia to Kazakhstan. Thus, the volume of transfers in this direction for the year increased 2.7 times, or 171%. The total volume of funds transferred from the Russian Federation to the republic by the end of the first quarter amounted to 33.9 bln KZT ($76.5 mln), which is approximately 300% more than the same indicator in 2022 (8.3 bln KZT $18.7 mln).
Kazakhstan banks and Kazpost JSC provide clients with money transfer services through such systems as Zolotaya Korona, Western Union, Unistream, Contact, Faster, MoneyGram and others. The National Bank noted that the main share of remittances received from abroad in March this year was in US dollars (the share of the total number of received transfers - 34.8%, the share of the total volume of received transfers - 53.0%) and in Kazakh tenge (40.5% and 29.1%, respectively). The share of transfers in Russian rubles amounted to 19.8% of the total number, while the share of the total volume - 13.1%.
Earlier the National Bank reported that the total volume of funds transferred in 2022 through international money transfer systems was 1.8 trillion tenge ($4 billion at current exchange rates). There was a 32.7% increase in transactions compared to 2021. The growth of received transfers last year was due to an increase in transactions from Russia (6.8 times more), Kyrgyzstan (2.8 times more) and the United States (33% more).
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Based on materials from TASS