Remittances to Uzbekistan reached nearly $15 billion in 2024

Of these funds, 77% came from Russia, amounting to $11.5 billion, reflecting a 29% increase from 2023. The remaining transfers were from Kazakhstan ($795 million), the United States ($577 million), South Korea ($534 million), Turkey ($405 million), the United Kingdom ($135 million), and other countries.

On a monthly basis, the largest remittance inflow occurred in July ($1.785 billion), while the smallest was recorded in February ($738 million).

Compared to 2023, there was an 83% increase in remittances from the United Kingdom, a 56% increase from South Korea, a 35% increase from the United States, and a 32% increase from European Union countries.

During this period, $8.2 billion of the funds received by individuals came through traditional international money transfer systems (a 14% increase from 2023), $5.9 billion was transferred directly to individuals' bank cards via P2P (a 51% increase), and $774 million was transferred via bank remittances (SWIFT), which is 2.1 times the previous year’s amount.

In addition, remittances sent from Uzbekistan abroad in 2024 totaled $2.8 billion, representing a 19% increase compared to 2023.

Currency exchange operations

In 2024, the total volume of foreign exchange transactions between banks and individuals increased by 19% (an increase of $4 billion) compared to 2023, reaching $25.5 billion.

During this period, individuals sold $16.1 billion worth of foreign currency to banks, which is 31% more than in 2023 ($12.3 billion). Meanwhile, individuals bought $9.4 billion worth of foreign currency from banks, a 3% increase compared to 2023 ($9.1 billion).

As a result, the volume of foreign currency sold by individuals to banks exceeded that purchased by $6.7 billion, creating an additional supply source for the domestic foreign exchange market.