Sanctions, Migration of Russian Citizens to Kazakhstan Boost Popularity of Money Transfer Systems

NUR-SULTAN – During the first five months of this year, the volume of transactions through international money transfer systems from abroad to Kazakhstan hit a record 178.8 billion tenge (US$370 million), which is 58.4 percent higher than in the same period last year, ranking.kz reports on July 14.

During the first five months of this year, the volume of transactions through international money transfer systems from abroad to Kazakhstan hit a record 178.8 billion tenge (US$370 million). Photo credit: wise.com

Two-thirds of the funds were received from abroad in April and May – 52.5 billion tenge (US$108.8 million) and 69.2 billion tenge (US$143.5 million), respectively. These are the highest monthly figures in the reporting period.

The largest share of money – more than 40 percent – was sent to Kazakhstan from Russia: 72.3 billion tenge (US$149.9 million), reflecting an increase of 3.1 times over the year. At the same time, 18.3 billion tenge (US$37.9 million) were transferred in April, and 45.6 billion tenge (US$94.5 million) in May.

In May, Russia accounted for two thirds of transfers from abroad to the country, followed by the United States, Kyrgyzstan, South Korea and Uzbekistan.

 

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