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Money transferred using money transfer systems to Kazakhstan more than doubled since May 2015. The most popular currencies were the US dollar and Russian ruble. The main source was Russia

29 July 2016

 

 

Crossborder money transfers. May 2016

29 July 2016

The number of transfers received by residents of Kazakhstan from abroad increased by 130% year on year in May. The average amount of transfers exceeded KZT200,000. However, the number of transfers abroad still exceeded the number of transfers received by 72,800 transactions despite a 10% decrease.

The amount of money sent abroad stood at KZT28.5bn, KZT7bn more than the amount of transfers to Kazakhstan.

The main reason for the increase in crossborder transfers is the depreciation of the national currency as the share of tenge-denominated transfers was 3.2% of the total value of transfers. The ruble accounted for over 50% of Kazakhstan’s money transfer market, while the US dollar, despite the decrease in its share, remained the most popular currency for money transfers abroad.

Due to geographical proximity the most popular destination for money transfers abroad and to Kazakhstan was Russia. Kazakh residents sent to Russia KZT400m more than they received. Central Asian countries also accounted for a sizeable share of money transfers: Uzbekistan, Kyrgyzstan and Tajikistan jointly received almost a quarter of money transfers sent from Kazakhstan (24.8%) but sent less than 14% of money received by Kazakhstan.

 

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