Uzbekistan sees nearly threefold surge in money transfers from Kazakhstan

TASHKENT, Uzbekistan, December 31. The volume
of money transactions from Kazakhstan to Uzbekistan amounted to 4.6
million for November of 2023, Trend reports.

As per data provided by the National Bank of Kazakhstan,
Uzbekistan received 17.6 billion Kazakh tenge ($38.5 million) over
the 1 month of 2023, which is 2.6 times more than in the same
period last year (6.6 billion tenge or $14 million).

The recorded number accounts for 21.7 percent of the total
transaction volume.

Russia and Türkiye ranked first among the top money recipients
from Kazakhstan, accounting for 48 and 15 percent,
respectively.

Meanwhile, during October 2023, Kazakhstan noted a decline in
the volume of money transfers to foreign countries, registering a
3.8-percent decrease compared to September.

The trade turnover between Uzbekistan and Kazakhstan amounted to
$2.19 billion from January through July of 2023, which comprises
7.5 percent of the total trade turnover of Uzbekistan.

Moreover, Uzbekistan exported goods worth $699.3 million to
Kazakhstan, while imports amounted to $1.4 billion.