Kazakhstan’s national bank tracks decrease in money transfer trends in 2024

ASTANA, Kazakhstan, March 6. The total volume of money transfers conducted through international money transfer systems (IMTS) in 2024 amounted to 1.05 trillion tenge (approximately $2.1 billion), which is 21 percent lower than the figure for 2023.

Data obtained by Trend from the country's National Bank shows that 97 percent of all transactions conducted through IMTS without opening an account are cross-border transfers between Kazakhstan and other countries.

Moreover, the volume of money sent abroad amounted to 788.9 billion tenge (approximately $1.58 billion), or 77 percent of the total volume of cross-border transfers conducted through IMTS. The average amount of a single transfer from Kazakhstan abroad was 373.6 thousand tenge (approximately $747.2).

Meanwhile, the main recipient countries for transfers conducted through IMTS are: Uzbekistan (29.7 percent), Russia (29.4 percent), Türkiye (19.8 percent), Georgia (6.8 percent), and Kyrgyzstan (3.7 percent). About 83 percent of the transfers were made through the "Golden Crown" system.

The National Bank of Kazakhstan noted that international money transfer systems are used for transfers without opening a bank account, primarily non-repayable transfers between individuals.

The volume of money transfers received from abroad amounted to 236.8 billion tenge (approximately $474 million), or 23 percent of the total volume of cross-border transfers conducted through IMTS. The average amount of a single transfer to Kazakhstan from abroad was 300.6 thousand tenge (approximately $601.2).

The main sending countries for these transfers are: Russia (26.1 percent), the United States (13.7 percent), South Korea (10.3 percent), Uzbekistan (10.0 percent), and Türkiye (8.6 percent). A significant share of operations – 81 percent -is accounted for by payment systems "Golden Crown" and "Western Union."