MARCH 10 2015 (The Bulletin) – Remittances to Uzbekistan from Russia dropped by 10% in 2014, media reported quoting a survey by the Russian analytical agency TMT and the CONTACT money transfer system.
While these figures are not official, they do add credence to the picture of tumbling economies in Central Asia and the South Caucasus because of a faltering Russian economy.
Importantly, reports said that analysts expected remittances from Russia to fall by around 25% this year. This will affect most Central Asian and South Caucasus countries, especially Kyrgyzstan, Uzbekistan and Tajikistan which rely heavily on the flow of cash from Russia.
Proportionally, remittances make up a smaller proportion of the national income in Uzbekistan. In practice, though, it is a vital economic lifeline for many ordinary people.
ENDS
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(News report from Issue No. 222, published on March 11 2015)