Kazakhstan funneling money to Kyrgyzstan

According to the national Bank, in may, through the system of money transfers from Kazakhstan was transferred to 70.7 billion tenge. This is the absolute monthly maximum. Compared to may of 2019, the amount of funds withdrawn increased by 29%. Compared to April more than 3.1 times.

It should be noted that the indicators of April were very low – a total of 22.5 billion tenge, which was at least January 2016 (April 2019 – 52.1 billion)

Along with the growth of remittances has dramatically changed their direction

Traditionally, most of the funds sent to Russia from January 2020 to April 2020 there took an average of 37% of all sent funds abroad. The may figure is 21.5%. Remittances indicator this month slightly behind decorating levels.

But even so, at the end of may, the Russian Federation lost the lead from the two countries.

140f2d435659d5c077ecf23bb32ed8c2 - Kazakhstan funneling money to Kyrgyzstan

The new leader sent from Kazakhstan transfers became Kyrgyzstan. According to the national Bank, in may there took more than 18.9 billion tenge. For comparison:

  • may 2019 – less than 6.6 billion tenge
  • April 2020 – less than 1.1 billion
  • the previous record, set in October 2019 — a little more than 9.5 billion

In second place with a slight lag of Uzbekistan is located. Here look at the PSD was sent to about 16.4 billion tenge. This is the maximum value over the past 10 months and the second best result in history (July 2019 – 17.3 billion).

In addition, significantly increased the volume of remittances to Turkey – 12.1 billion KZT compared with 7.5 billion a year earlier

b401432d46f9f3b6e2ee23566ae27829 - Kazakhstan funneling money to Kyrgyzstan

The outflow for the month exceeded 50 billion tenge

In Kazakhstan, the money comes much less. In April, the volume of transfers via SDP amounted to 12.5 billion tenge in may – slightly less than 20.5 billion, that is, the restoration of this indicator is much slower.

The amount of received funds are still near multi-year lows: if not to take into account the indicators of quarantine April, the may figure is the lowest since February 2018.

Half of all funds come from the two countries. In may from Russia to Kazakhstan was translated about 5.4 billion tenge, from Korea – about 5.9 billion in General transfers from the East at volumes closer to the Russian. This spring, from Korea, Kazakhstan had 12.8 billion (in April the country was in the lead on volumes listed in the RK tools), from Russia – at least 14.2 billion tenge.

0a0bb4eed78655a7fb2513fb1375707e - Kazakhstan funneling money to Kyrgyzstan

In may, began to come more funds from abroad, in particular Germany (1.2 billion tenge, near the historical maximum) and the US (1.7 billion tenge, the maximum value for 8 months). As for the neighboring countries, that shipments from there in comparison with April has increased, but still below decorating .

Thus,

Kazakhstan is a donor, and his role at the end of the month much stronger

Never before has the difference between the sent and the funds received were not as big as in may. Abroad took 50.2 billion tenge more than returned.

The previous high established in October, 2019, amounted to 37.2 billion tenge. In relative terms the difference is even greater by 3.5 times.

ca1cac7f856c7de56445dc47a21dc969 - Kazakhstan funneling money to Kyrgyzstan

Leave a Reply

Your email address will not be published. Required fields are marked *