The volume of transfers from Russians to Kazakhstan in July decreased by 6.5 times – Kommersant

The volume of money transfers from individuals from Russia to neighboring countries in July decreased sharply compared to a year earlier. Kazakhstan came first in this indicator. Transfers from Russians to this country decreased by almost 6.5 times. This follows from RIA Novosti’s analysis of central bank data.

According to the agency, in July 2022, individuals transferred $114.7 million from Russia to Kazakhstan. This year, the volume of transfers decreased 6.5 times, to $17.7 million. Transfers to Armenia and Kyrgyzstan halved, to $223.5 million and $132.2 million, respectively. Transfers to Georgia decreased by 1.4 times, to $73.8 million.

Some countries publish data less frequently—once every six months. In the first half of the year, remittances from Russia to Azerbaijan decreased by half compared to last year, to $607.9 million.

Transfers from neighboring countries to Russia in July were more heterogeneous. Transfers from Kyrgyzstan fell fourfold, to $28.3 million, transfers from Armenia doubled, to $53.4 million, from Kazakhstan increased 1.4 times, to $44.7 million, from Georgia – 1.3 times, to $3 .5 million. Transfers from Azerbaijan over the six months decreased by 1.2 times, to 38.5 million.

Read about how the system of cross-border transfers functions in the new international environment “Where does the money go”.

Anastasia Larina