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Remittances to Kyrgyzstan Increase by $18.5 Million in September

In September 2023, Kyrgyzstan experienced a significant increase in migrant remittances, with $174.4 million sent to the country.

According to 24.kg News Agency, this figure represents an $18.5 million increase compared to the previous month. However, when compared to September 2022, there was a notable decrease in remittances, amounting to 1.7 times or $117.5 million less. The majority of these funds, $159.8 million, originated from Russia. Additionally, $8.6 million was received from other states, and $2.9 million came from the USA. From January to September 2023, the total remittances to Kyrgyzstan were $1,437.6 billion, which is 35 percent or $774 million less than the same period in 2022.

The data also revealed a net outflow of $35.2 million in September. This outflow decreased by $2.9 million over the month and reduced by 4.8 times or $135.2 million compared to September 2022. A significant portion of this outflow, $32.3 million, was transferred to Russia. In the first nine months of 2023, $360.1 million was transferred from Kyrgyzstan, $419.2 million less than the previous year.

The net inflow of remittances to Kyrgyzstan from January to September 2023 totaled $1,077.3 billion, marking a decrease of $354.7 million, or 24.7 percent, from the same period in 2022. In 2022, the total volume of remittances to the republic was $2,928.2 billion, with $1,200.7 billion transferred from Kyrgyzstan to other countries, resulting in a net inflow of $1,727.5 billion.