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Volume of remittances from migrants to Kyrgyzstan doubles for a month

In May 2020, migrants have transferred $ 165.3 million to Kyrgyzstan, which is twice as much as in April. Such data are provided by the National Bank of the country.

Compared to May 2019, the figure decreased by $ 29 million, or 15 percent. If we compare the volume of transfers in May with the data for December last year, then the decrease will be $ 49.6 million, or 23 percent.

For just five months of 2020, at least $ 699.32 million have been transferred to the republic. This is $ 237.06 million, or a quarter less than for the same period of 2019.

Russia accounts for more than 90 percent of remittances — $ 679.77 million. Other $ 9.11 million was transferred to the Kyrgyz Republic from other states, and $ 7.85 million — from the United States.

Following the results of five months of this year, there was also an outflow of funds — $ 163.74 million. The main part of the money was transferred to the Russian Federation — $ 30.6 million.

The net inflow of remittances in January — May 2020 to Kyrgyzstan reached $ 516.03 million.

As a result of last year, the volume of money transfers to the republic amounted to $ 2,407 billion. At least $ 554.5 million was transferred from the Kyrgyz Republic to other states. Net inflow is $ 1,852.5 billion.