Remittances from Russia to Uzbekistan sharply drop

By Vusala Abbasova

The volume of remittances from Russia to Uzbekistan has decreased by 2.2 times compared to the same period of the last year, amounting up to $1.398 billion.

This includes the volume of remittances from Russia to Uzbekistan in amount of $1.149 billion and from Uzbekistan to Russia in the amount of $249 million, according to the Central Bank of Russia.

The remittances from Uzbekistan to Russia reduced by 15.3 percent over the first half of current year, compared to the same period of 2014.

The decline of the ruble rate and the general economic crisis has dramatically affected labor migrants from the Central Asia, including Uzbekistan.

The remittances between Russia and Uzbekistan totaled $784 million over the second quarter of current year, decreasing by 56.1 percent in comparison with the same period of 2014.

This figure includes remittances from Russia to Uzbekistan in the amount of $686 million and from Uzbekistan to Russia in amount of $98 million.

The remittances from Russia to Uzbekistan decreased by 57.9 percent, while the drop in remittances from Uzbekistan to Russia amounted to 37.6 percent over the second quarter of the 2014.

The economies of Central Asia are largely depended on remittances, which are sent by labor migrants working in Russia.

As a result of the Western sanctions against Russia, the number of migrant jobseekers entering Russia fell by 70 percent, while thousands of unemployed youth have to return to their homelands.

The Federal Migration Service of Russia has registered as many as 2.1 million Uzbek citizens in the country over the first half of the year. This figure has decreased by 49.5 percent in comparison with the same period last year.

The volume of remittances from Russia to Uzbekistan is decreasing year by year. Compared to 2013, this figure fell by 13.3 percent in 2014, amounting to $6.239 billion.

Money transfers from Russia to Uzbekistan amounted to $5.581 billion in 2014, decreasing by 15.9 percent compared to 2013, when the figure totaled $6.634 billion.

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