According to the National Bank in October 2019, the volume of remittances sent through money transfer systems (SDS) abroad amounted to 66.6 billion tenge.
Back flows are much more modest, 29.4 billion tenge. The difference – to 37.2 billion tenge, and it is a record.
From Kazakhstan in recent years has steadily gone higher but in recent months, the gap is widening:
• in March-April 2019 sent money was about 58% more
• may -89%;
• June – 99%;
• July and August – 2.1 times;
• September and October are 2.3 times.
Transfers to Russia are falling, Turkey — grow
Never before have the people of Kazakhstan is not sent through SDP, as in October 2019. It is already 4 months in a row, the volume of deliveries exceeds 60 billion tenge. Earlier this limit was taken only once: in October 2018 — 61,6 billion.
Just 10 months total abroad took 539,6 billion tenge
Over the same period 2018 figure was 499,2 billion In 2017 398,8 billion.
There is significant diversification of the translation. Increased the amount of sent funds:
- in Uzbekistan — 24% (up to 119.5 billion tenge over 10 months);
- Kyrgyzstan — on 30% (up to 70.5 billion);
- Turkey — 32% (to 75.5 billion);
- Tajikistan – 32% (to 11.6 billion).
The growth of remittances to Central Asian countries and Turkey helped to offset the drop in the direction of China (for the year by 17% to 29.7 billion in 10 months) and Russia (10.4% to 171,5 billion tenge).
In General, the Russian money transfer systems are becoming less popular option.
In February 2018 and 47.7% of all foreign remittances went to Russia. In October 2019, the share fell to 28.7%
From Russia money will not be
Falls the share of Russia in the volume of remittances in Kazakhstan. In July 2017 from Russia came 65.5% of all transfers in October 2019 and 33.7%. This occurs against the backdrop of a sharp decline of funds received:
• In 2017, on average, every month from Russia to Kazakhstan through the PSD went 14.4 billion tenge;
• 2018 – 15.1 billion;
• January-October 2019 — fell to 11.2 billion tenge, and in the last three months and not 10 billion
In General, for 10 months of current year from Russia to Kazakhstan sent 122,3 billion tenge a year earlier over the same period was 149,3 billion. However, the decrease is primarily due to the restrictions imposed by the CB.
In the spring of this year in Kazakhstan you can send up to 150 thousand rubles per month
The aim of this measure is the fight against the shadow trade.
On the other hand, all Kazakhstanis will receive:
- from Korea (+23% to 54.5 billion for 10 months of 2019);
- Russia (+39% to 25.4 billion);
- USA (+48% to 15.8 billion);
- Germany (+16% — up to KZT 10 bln).
However, even aggregate growth of transfers from of these countries did not cover the decline in revenues from Russia.
As a result: in 10 months of 2019 to Kazakhstan from other countries via SDP translated 289,7 billion tenge. It is 3.6 billion less than in the same period of 2018.
These figures more clearly trace the donor role of Kazakhstan in the system of money transfers