Kyrgyz migrant workers working in Russia keep 30 percent of their income in Russian banks. Kyrgyzstan’s authorities intend to open branches of state banks in Russia. The Chairman of the Cabinet of Ministers Akylbek Japarov said at the forum «Migration and Development: Prospects and New Opportunities.»
According to a study, migrants from Kyrgyzstan spend a little over 30 percent of their income on food and rent, another 30 percent are sent home, and about 30 percent are kept in banks of the countries where they work.
«Last year, migrants sent home about $2-2.5 billion, the same amount is kept in deposits in foreign banks. We could use those funds to make them work. The Cabinet proposes to increase the authorized capital in the RSK, Aiyl Bank, and Keremet Bank, and a Development Bank will also be created,» Akylbek Japarov said.
He noted that each of these state banks is tasked to open branches not only in Russia but also in other countries.
«In order to allow migrants to invest money, we increased the authorized capital of the State Mortgage Company to 5 billion soms. We intend to increase it to 8 billion soms. Our migrants can, while working in other countries, purchase housing in their home country,» the official added.
