In the first quarter of 2025, the volume of money transfers to Uzbekistan reached $3.3 billion, marking a 32% increase compared to the same period last year ($2.5 billion), according to the Central Bank’s monetary policy report, as cited by Gazeta.uz.
According to the Central Bank of Uzbekistan, in January and February, transfers exceeded $1 billion each month (compared to less than $800 million during the same months in 2024), while in March the figure rose to nearly $1.2 billion.
Initially, official forecasts projected a 10–12% increase in remittances for 2025. However, the Central Bank has revised its outlook upward to 15–18%.
This adjustment is attributed to the strengthening of currencies in host countries for Uzbek migrant workers, rising wages in those countries, and increased demand for labor in higher-income economies.
At the same time, some uncertainty remains regarding future remittance flows, due to anticipated volatility in partner country currencies and downward revisions in their economic growth forecasts.
Notably, the Russian ruble and the Kazakh tenge have strengthened since the start of the year. However, expectations of falling oil prices may put depreciation pressure on these currencies.
The Central Bank of Uzbekistan emphasized that cross-border money transfers continue to play a crucial role in supporting domestic demand and household incomes. According to the National Statistics Committee, remittances accounted for 19.5% of total household income in the first quarter of 2025, up from 15.8% a year earlier.
Deputy Central Bank Chairman Abror Mirzo Olimov previously highlighted rising remittances as a key factor in stabilizing the national currency in 2025.
In 2024, total remittances to Uzbekistan rose nearly 30%, reaching $14.8 billion. Transfers from Russia increased by 29%, though its share continues to decline. Meanwhile, remittances from the United States grew by 35%, from the UK by 80%, and from South Korea by 60%.
As of early 2025, over 1.35 million Uzbeks were working abroad—down 34% year-on-year. The number of Uzbek migrants in Russia decreased by 1.7 times. A growing trend of labor migrants returning home continues, with the government recently inviting Uzbeks, including those working abroad, to help build the new city of Tashkent. The recruitment drive covers 38 construction trades such as masonry, plumbing, and electrical work, offering salaries of 8–15 million soms ($620–$1,150).
CentralasianLIGHT.org
May 22, 2025