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Inflow of remittances into Kyrgyzstan grows by $17.5 million for month

In March 2023, migrants transferred $169.9 million to Kyrgyzstan, which is $17.5 million more than a month earlier. The National Bank provided such data.

Compared to March 2022, the amount grew by $16.5 million. Russia accounts for the largest part of the remittances — $151.7 million. At least $5.9 million was transferred to the Kyrgyz Republic from other states, and $4.5 million — from the USA. In total, in January — March 2023, compatriots transferred $468. million to the country. This is $50 million less than in 2022.

According to the results of March, there was also an outflow of funds of $42.2 million. Over the month, the indicator decreased by $7.3 million. But compared to March 2022, the figure, on the contrary, increased by $6.8 million. The main part of the money was transferred to Russia ($36.6 million) and Turkey ($4.4 million). In total, $149.6 million was transferred from the country for three months of 2023, which is 1.3 times more than last year.

The net inflow of remittances into Kyrgyzstan as a result of January — March 2023 amounted to $318.4 million. This is $88.7 million, or 1.3 times less than the level of the first two months of 2022.

At year-end 2022, the volume of money transfers to the republic amounted to $2,928.2 billion. $1,200.7 billion was transferred from Kyrgyzstan to other countries. Net inflow was $1,727.5 billion.