In 2023, the volume of international money transfers amounted to ₸1.33 trillion ($2.95 billion as of March 15, 2024), indicating a 26% year-on-year decrease, QazMonitor reports citing the press service of the National Bank of Kazakhstan.
Key takeaway: The Bank notes that the main portion of operations through international wire transfers are cross-border transfers between Kazakhstan and other countries, constituting 95% of all operations. The decrease of 26% was mainly recorded in the volumes of received transfers.
Transfers received: Of all the international money transfers, 23% of the total volume was received from abroad, totaling ₸305.8 billion ($678 million). A significant share of these transactions falls under Zolotaya Korona and Western Union payment systems.
The average amount of a single transfer was ₸282.3 thousand ($626.60).
The main sending countries were Russia (35.3%), the US (11.0%), Uzbekistan (11.0%), South Korea (10.7%), and Turkiye (6.4%).
Transfers sent: Of all the international money transfers, 72% of the total volume were remittances sent abroad, totaling ₸961.4 billion ($2.13 billion). About 80% of these transfers were made through Zolotaya Korona system.
The average amount of a single transfer amounted to ₸372.2 thousand ($826.14).
The main receiving countries were Uzbekistan (27.5%), Russia (25.1%), Turkiye (23.1%), Georgia (9.6%), and the Kyrgyz Republic (3.4%).