In the first half of 2024, Kyrgyzstan received 93.3 bln KGS through international transfer systems. A total of 3.2 million transactions were made. As a result, the average transfer amounted to just over 29 thousand soms.

Less transfers, but more money

During the first quarter, the total number of incoming transfers through international money transfer systems amounted to 1 million 553.5 thousand transactions. This is 7% less than at the same time in 2023. However, already in the second quarter, the number of money transfer transactions increased, by 107.8 thousand, but this is still less than in April - June 2023 (-2.9%).

At the same time, the decrease in the number of transactions was not reflected in the volume of money received through them. Thus, in the first three months, 42.6 billion soms were sent to the country, which is 7% more than at this time a year ago, and in April-June another 50.7 billion soms (+21.6% compared to a year earlier).

$36.7 mln more

Over six months, $231 mln entered the country through international transfer systems, and the number of transactions amounted to 388.3 thousand. That is, the average size of one dollar transfer is $595.

At the beginning of the year, the number of transactions decreased by 9.2% compared to January - March 2023, the decline continued in the second quarter of the year, when it amounted to 11.6% by the same period of 2023.

Despite the decrease in transfers themselves, the amount of dollars sent into the country increased, in the first quarter by 26.6%, or transferred $118.4 million, in the second - by 11.7%, or received $112.6 million. As a result, for six months in the country received 18.9% more dollars.

Transactions decreased, but the number of rubles did not decrease

There were fewer remittances from Russia to Kyrgyzstan: by 6.8% in the first quarter and by 1.8% in the second quarter. However, despite this, the total volume of incoming remittances in rubles increased.

For six months, the country received 2 million 794.8 thousand remittances from the Russian Federation for 72 billion 635.8 million rubles. This is 14 billion 563.6 million rubles more than in half a year of 2023.

The growth is due to the increase in the amount received in the first quarter of this year by 19.4% and in the second quarter by 30.1%.

Tenge has disappeared and the euro is gaining popularity

In the first half of 2024, remittances in tenge to Kyrgyzstan stopped. On the contrary, remittances in euro increased.

In the first quarter there were 15.8 thousand transactions, thanks to which 7.5 million euros entered the country - this is 31.6% more than last year. In the second quarter, the amount of transfers amounted to 7.1 million euros, which is 24.6% more than a year earlier.

As a result, for six months in Kyrgyzstan received 14.6 million euros - by 2.4 million euros more than in the same period last year.

Euro new currency for sending money from Kyrgyzstan?

In the first six months of 2024, Kyrgyz people sent 20.6 billion soms abroad through 237.7 thousand transactions. This is 25.1% less than in the same period of 2023. The biggest decline was observed in the first quarter, when the volume of funds sent fell by 33.1%. In the second quarter, the decline continued and amounted to 14.4%.

At the same time, transfers in all currencies, except for the euro, decreased. The volume of dollars sent for six months decreased by 24.67% to $181.4 million, ruble transfers - by 22.4% to 4 billion 478.9 million rubles, and the amount transferred from Kyrgyzstan in tenge decreased 1.5 times to 287.5 million tenge.

Euro was the only currency that showed growth. In the first quarter, Kyrgyz people sent abroad 2.1 mln Euros, which is 7 times more than at this time a year earlier. In the second quarter, compared to the same period in 2023, the volume of transfers in euros increased 1.3 times and amounted to 400 thousand euros.

As a result, for six months from Kyrgyzstan was sent abroad 2.5 million euros - this is 4.2 times more than for six months last year.