Fewer transfers, bigger sums. Where Kazakh money flows abroad

Tengrinews.kz – Kazakhstan is sending fewer money transfers abroad, but the average transaction size has grown, according to the National Bank.

In July, 139,600 transfers worth 70.4 billion tenge were sent through international money transfer systems. Compared to June, the number of transactions fell by 1.4 percent, while the total amount increased by 8.9 percent.

Top destinations for money transfers

The largest share of outflows went to:

• Uzbekistan – 29.9 billion tenge (42.5 percent of total transfers)
• Russia – 17.8 billion tenge (25.3 percent)
• Turkey – 8.7 billion tenge (12.4 percent)
• Georgia – 4.4 billion tenge (6.2 percent)
• Kyrgyzstan – 2.2 billion tenge (3.2 percent)

Money transfers abroad are commonly used both by Kazakh citizens and foreign nationals temporarily working in the country who send funds home, as well as by individuals engaged in business or investment outside Kazakhstan.

Inflow of money to Kazakhstan

At the same time, 51,500 transactions worth 21.3 billion tenge were sent to Kazakhstan in July. Compared to the previous month, the number of transfers grew by 6 percent, while their total volume increased by 14.4 percent.

Main source countries include:

• Russia – 5.3 billion tenge (24.9 percent)
• USA – 3.2 billion tenge (15.2 percent)
• Uzbekistan – 2.4 billion tenge (11.1 percent)
• Turkey – 2.1 billion tenge (10 percent)
• Germany – 1.8 billion tenge (8.4 percent)

For comparison, in June, 64.7 billion tenge were sent abroad from Kazakhstan, while 18.6 billion tenge flowed into the country.