Remittances sent from Russia to Central Asian States amount $8.7 billion this year


Moscow, Russia: Transfer of funds by residents of Central Asian States (CIS) working in Russia (remittances) to their countries of origins has dramatically increased this year.

According to Dispatch News Desk (DND) News Agency, remittances sent from Russia to CIS amount $8.7 billion and figure is much higher than last year, indicating a upward trend in Russian business market after lull of two years. It is pertinent to mention that millions of workers from Central Asian Republics work in construction and oil and gas industries of Russia.

“Inflow of remittances to Central Asian states went drastically low during year 2014-15 when Russian economy melted down after decrease in bio-fuel prices. Now, Russian economy is bouncing back and hosting more workers from CIS countries than before,” said Abdul Aliev who deals in remittances business in Dushanbe.

Meanwhile, Central Bank of Russia indicates that Tajikistan received $ 1.6 billion as remittances from Russia in the third quarter of 2017. Money transfers of Tajik migrants to their homeland increased by 18 percent. The currency structure of remittances from Russia to Tajikistan: 71.6% of Russian rubles, 28.2% of US dollars and 0.2% of EUR.

“There is a significant growth in the volume of remittances from Russia to the CIS countries. In the first three quarters of 2017, $ 8.7 billion was transferred, and by the end of the same period in 2016, $ 7.4 billion,” said a report of Central Bank of Russia.

At the same time, money transfers from Russia to Uzbekistan in the first three quarters of 2017 amounted to $ 2 billion 636 million, to Kyrgyzstan – $ 1 billion 576 million.

As a result of 2016, the volume of transfers from Russia to Tajikistan was $ 1 billion 929 million, which is $ 651 million more than in 2015, when $ 1 billion and $ 278 million were transferred, while in 2014 it was $ 3 billion 831 million, and in 2013 – $ 4 billion 155 million.

Central Desk
Central News Desk.

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