The Central Bank of the Republic of Uzbekistan has published its latest analytical review on international migration trends, cross-border remittance flows, and the dynamics of foreign exchange transactions involving individuals. The review highlights the close link between migration flows and macroeconomic stability as well as external sources of financing, against the backdrop of growing global economic integration, more open labor markets, and the rapid development of digital financial infrastructure.
According to the United Nations, the number of international migrants worldwide reached 304 million in 2024, accounting for about 3.7 percent of the global population. World Bank estimates indicate that total international remittances in 2024 amounted to nearly 900 billion USD, of which 680 billion USD was directed to low- and middle-income countries. These figures underscore that remittances are increasingly becoming a stable source of external financing for many economies and, during periods of economic shocks, help support household incomes and contribute to domestic foreign exchange market stability.
In 2025 remittance inflows to Uzbekistan increased by 28 percent (4.1 billion USD) compared to 2024, reaching 18.9 billion USD. These funds contributed to maintaining balance in the domestic foreign exchange market.
The review also notes that the geography of labor migration continues to diversify, alongside traditional destinations (Russia, Kazakhstan, the Republic of Korea, and Türkiye), Uzbek citizens are increasingly moving to a wider range of European and Asian countries. The growth in remittance inflows in 2025 was also driven by sustained demand for labor and relatively stable wages in host countries, rising economic activity, and the strengthening of national currencies.
In terms of remittance channels, in 2025, 52 percent of funds received by individuals (9.9 billion USD) were transferred through traditional international money transfer systems, while bank transfers accounted for 2 percent (397 million USD). At the same time, the share of P2P transfers credited directly to bank cards rose to 46 percent (8.6 billion USD), with inflows via this channel increasing by 1.4 times compared to 2024. This reflects the growing popularity of digital financial services, the speed and convenience of payments, and relatively lower transaction costs. Meanwhile, remittance outflows from Uzbekistan in 2025 decreased by 5 percent (138.4 million USD) compared to 2024, totaling 2.7 billion USD.
Regarding foreign exchange transactions, the review reports that in 2025 the total turnover of foreign currency purchase and sale operations between banks and individuals rose by 32 percent (8.1 billion USD) year-on-year, reaching 33.6 billion USD. During this period, banks purchased 21.6 billion USD in foreign currency from individuals, while sales of foreign currency to individuals amounted to 12.0 billion USD. Most transactions were conducted via exchange offices (19.3 billion USD), remote (online) channels (13.8 billion USD), and 24/7 currency ATMs (574 million USD), indicating expanding public access to digital banking services.
The full text of the review and detailed analysis are available via the link.
