Volume of remittances from migrants reduces by 13 percent for a month
In March 2020 migrants have transferred $ 144 million to Kyrgyzstan that is 13 percent less than in February. The National Bank of the country says.
Compared to March 2019, the figure decreased by $ 51.8 million, or 26 percent. If we compare the volume of money transfers in March with the data for December 2019, the decrease will amount to $ 70.9 million, or 33 percent.
In total, $ 457.6 million have been transferred to the republic for the first quarter of the year. This is $ 82.8 million, or 15.3 percent less than for the same period last year.
Russia accounts for more than 90 percent of remittances — $ 443.4 million. Other $ 7.8 million were transferred to Kyrgyzstan from other states, and $ 5.7 million — from the United States.
There was also an outflow of funds of $ 39.7 million as a result of March 2020. The bulk of the money was transferred to Russia — $ 38.7 million.
The net inflow of remittances in March 2020 to Kyrgyzstan reached $ 104.3 million.
At the end of 2019, the volume of remittances to the country amounted to $ 2,407 billion. At least $ 554.5 million were transferred from Kyrgyzstan to other states. Net inflow is $ 1,852.5 billion.
