Kyrgyzstan continues to demonstrate steady growth in cross-border money transfers to China—referring to official transactions made between banks or financial institutions in the two countries, typically through the formal banking system.
According to data from the National Bank of the Kyrgyz Republic, in 2024 the total volume of transfers from Kyrgyzstan to China reached 1.5098 billion soms (approximately USD 17.25 million), marking a 45.2% increase compared to 2023, when just over 1 billion soms (USD 11.4 million) were transferred. The upward trend began in the third quarter of 2023 and extended into the first quarter of 2024, which alone accounted for 377.7 million soms.
Despite a 33.4% decline in the second quarter of 2024 (down to 251.4 million soms), the downturn was short-lived. Transfers bounced back in the second half of the year, reaching 360.4 million soms in Q3 and 520.3 million in Q4 - the fourth-highest quarterly figure ever recorded by the National Bank of Kyrgyzstan.
Nevertheless, 2024 did not break the record set in 2022, when the total cross-border transfers from Kyrgyzstan to China peaked at 1.8654 billion soms (USD 21.3 million).
How Does Kyrgyzstan Compare to Its Neighbors?
To better understand the scale and significance of Kyrgyzstan’s transfers to China, it is helpful to compare the data with trends in neighboring Central Asian countries:
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Kazakhstan also increased its cross-border transfers to China in 2024, though growth was more modest—around 12% compared to 2023. According to the National Bank of Kazakhstan, total transfers amounted to approximately USD 75 million (about 34 billion tenge). This growth reflects strengthening trade ties, especially in e-commerce and import-related transactions.
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Uzbekistan, by contrast, recorded a moderate decline of 8.6% in transfers to China during the same year. Analysts link this to domestic currency restrictions and recent changes in foreign trade regulations.
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Tajikistan maintained a stable level of transfers to China, with only a slight increase of 2–3%. This stagnation is attributed to a lower overall trade volume and the continued reliance on cash payments rather than formal banking transfers.
These comparisons position Kyrgyzstan as one of the regional leaders in cross-border money transfer growth to China - possibly reflecting a surge in small-scale trade, logistics, and other business activities increasingly reliant on Chinese partners.
Outlook for 2025
Preliminary data for Q1 2025 shows that Kyrgyzstan transferred USD 3.78 million (330.8 million soms) to China - less than in Q4 2024. However, this seasonal drop is consistent with historical trends, as transfer volumes tend to peak toward the end of the year due to increased imports, New Year-related purchases, and settlements for earlier shipments.
Given current dynamics, 2025 has the potential to surpass 2024 figures - particularly if the exchange rate remains stable and small and medium enterprises targeting China continue to thrive.
CentralAsianLIGHT.org,
August 4, 2025