Russia Still Leads in Money Transfers to Kazakhstan

The National Bank of the Republic of Kazakhstan presented statistics on international money transfers for the first half of 2024. Despite sanctions and a slowdown in operations, Russia maintains its leadership in transfers to and from Kazakhstan, Orda.kz reports.

According to the National Bank, the total amount of international money transfers in the year's first half amounted to 515.3 billion tenge, decreasing by 19% compared to the first half of 2023. 94% of transfers were made between individuals.

Kazakhstanis transferred 383.8 billion tenge abroad in January-June. These transfers were mainly made through the Zolotaya Korona system; the average amount was 330.1 thousand tenge. Russia ranks first in terms of the number of transfers abroad (31.2%), followed by Uzbekistan (26.8%), Türkiye (20.9%), Georgia (7.7%), and Kyrgyzstan (3.6%).

Foreign transfers accounted for only 23% of the total (120.4 billion tenge). On average, less money is sent to Kazakhstan than vice versa (279.3 thousand tenge). In terms of transfer volume, Russia is also in first place (28.3%), followed by the United States (12.4%), South Korea (11.2%), Uzbekistan (9.7%), and Türkiye (7.4%).

In April, reports surfaced that transfers from Russia to Kazakhstan had become complicated because Kazakhstan's banks began to check transactions longer. A Russian MP claimed “sabotage by the Kazakh authorities.”

Original Author: Nikita Drobny