Tashkent, Uzbekistan (UzDaily.com) -- In January-June 2023, Uzbekistan received cross-border transfers in the amount of US$5.2 billion, Chairman of the Central Bank Mamarizo Nurmuratov said.

The volume of money transfers compared to the same period in 2022 decreased by 21.5%.

At the same time, in the first quarter of 2023, the monthly dynamics of transfers was higher than last year’s figures. From January to April, the inflow of remittances increased by 21% to $3.1 billion.

In the second quarter, the volume of remittances almost halved to 2.85 billion. In June, Uzbekistan received remittances 2.26 times lower compared to June 2022.

Russia is the main source of remittances. The share of the Russian Federation in the total volume of money transfers in the first half of the year is 80%.

Mamarizo Nurmuratov predicts that Uzbekistan will receive remittances in the region of US$11-11.5 billion in 2023, which is 32-35% lower than in 2022.

The decline in revenues from Russia will be, among other things, due to the devaluation of the ruble, the head of the Central Bank said.

In 2022, Uzbekistan received remittances in the amount of US$16.9 billion, which is 2.1 times more than in 2021.