Central Asia’s Remittances: Take Two
An earlier version of this story offered a regrettably inaccurate snapshot of the state of remittances paid by migrant laborers from Russia to Central Asia in 2016.
Contrary to what was asserted in that report, remittances have not been rising but mostly falling.
As stated before, the Russian Central Bank did note this week that money transfers by individuals to Uzbekistan had hit $2.74 billion in 2016, but this actually represented a drop not a rise, since the figure for 2015 was $3 billion.
Second place among cash transfers made from Russia to former Soviet states is taken by Tajikistan. The figure for remittances in 2016 was $1.9 billion — a global figure smaller than Uzbekistan, but one that accounts for a far greater proportion of the nation’s economy as a whole. This is a fall from the previous year, when it was $2.2 billion.
In third place in Kyrgyzstan, with $1.7 billion. Now, this is an improvement, from the $1.5 billion recorded in 2015
This picture affects the prior evaluation of the figures somewhat, and indeed in a way that makes more sense.
To read the full story