Remittances from migrants could decline by 20.3 percent in 2022
The net inflow of remittances in 2022, according to the estimates of the National Bank of Kyrgyzstan, will be 20.3 percent less than in 2021. The forecast of the National Bank of the Kyrgyz Republic says.
The expected contraction of the Russian economy will affect the indicator. It is Russia that is the main source of income for Kyrgyz migrants.
According to the Bank of Russia, there will be a significant decline in the Russian GDP due to the strengthening of sanctions. It is expected that the contraction of the Russian economy could reach 8-10 percent.
The volume of money transfers to the republic amounted to $2,756.24 billion last year. About $562.77 million was transferred from the Kyrgyz Republic to other countries. Net inflow is $2,193.47 billion.
