DEC. 17 2015 (The Conway Bulletin) – Remittances from Russia to Tajikistan were 73.5% lower in the third quarter of this year compared to the same period in 2014, data from the Russian Central Bank showed. The data shows just how heavily a recession in Russia is impacting people in Central Asia.
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(News report from Issue No. 261, published on Dec. 20 2015)
DEC. 10 2015 (The Conway Bulletin) – Remittances to Kyrgyzstan were 30% lower in the first 10 months of the year compared to the same period in 2014, said the head of the Central Bank, Tolkunbek Abdygulov. This shortfall, triggered by a recession in Russia and a fall in the value of the som, has blown a $400m hole in the national budget.
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(News report from Issue No. 260, published on Dec. 11 2015)
NOV. 16 2015 (The Conway Bulletin) – Remittances to Georgia in October were 27% lower, at $90m, than during the same month in 2014, the Central Bank reported, an indication of the regional economic malaise. Remittances from Russia had nearly halved.
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(News report from Issue No. 257, published on Nov. 20 2015)
OCT. 27 2015 (The Conway Bulletin) — Remittances from Russia to Central Asia and the South Caucasus keep falling, a major problem for countries which are heavily reliant on cash sent back by workers in Russia. Think Tajikistan and Kyrgyzstan in particular.
Fresh data from the Russian Central Bank shows a fall of 12% in Q3 2015 compared to the same period last year for all countries in our region, except Georgia, which lies outside the Russian data.
For Kyrgyzstan and Tajikistan, remittances from migrant workers are vital, accounting for around half of their GDP. Uzbekistan and Armenia are also heavily reliant on money transfers from Russia.
Remittances to Kazakhstan and Kyrgyzstan showed a first sign of recovery in Q3, although their overall balance for 2015 remains negative, compared to 2014. According to the Kyrgyz Central Bank, the value of remittances this year has dropped by around $400m to $1b.
Similarly, Tajikistan and Uzbekistan have lost as much as 35% of their remittances in the first nine months of 2015.
From rock bottom, it can only get better. Figures from the next two quarters will likely show a growth in the value of remittances, because the benchmark they will be measured against is the nadir of the crisis of last winter.
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(News report from Issue No. 254, published on Oct. 30 2015)
OCT. 8 2015 (The Conway Bulletin) – The Kyrgyz Central Bank said remittances from Russia fell by 27% in US dollar terms during the first eight months of this year compared to the same period last year. Cash flows from Russia increased by 18% in rouble terms, but a fall in the value of Russia’s currency against the US dollar meant that the real value fell.
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(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 6 2015 (The Conway Bulletin) – Data from the Russian Migration Service showed a 17% fall in Uzbek migration into Russia during the first 9 months of 2015 compared to the same period last year. The economic downturn in Russia and the fall in the rouble-dollar exchange rate have discouraged Uzbek workers from travelling to Russia for jobs.
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(News report from Issue No. 251, published on Oct. 9 2015)
SEPT. 29 2015 (The Conway Bulletin) – Remittances to Armenia from abroad dropped by 38.8% in the first eight months of the year to $114.8m compared to the same period in 2014 , the Armenian Central Bank said. Russia provides nearly 80% of all Armenia’s remittances. It has been coping with the fallout from a collapse in oil prices and sanctions.
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(News report from Issue No. 250, published on Oct. 2 2015)
SEPT. 15 2015 (The Conway Bulletin) – Money transfers to Georgia in August measured $84.4m, a drop of 35% from 2014, media quoted the Central Bank as saying. Russia and Greece are the main generators of remittances for Georgia.
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(News report from Issue No. 248, published on Sept. 18 2015)
AUG. 28 2015 (The Conway Bulletin) – Tajik president Emomali Rakhmon ordered his government to take urgent action to mitigate the impact of the worsening economic crisis hitting Central Asia. In one of his most frank omissions that Tajikistan’s economy is rapidly worsening, Mr Rakhmon told his ministers to adopt import substitution policies. Tajikistan has been hit by the drop in remittances from Russia.
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(News report from Issue No. 246, published on Sept. 4 2015)
AUG. 28 2015 (The Conway Bulletin) – The value of imports into Kyrgyzstan fell by nearly 17% in the first half of the year, media reported by quoting official statistics. The data, while not giving specifics, still highlighted the economic slowdown in the region. Kyrgyzstan, like the other Central Asian countries, has been dealing with dropping remittances from Russia and a sharp fall in the value of its currency.
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(News report from Issue No. 246, published on Sept. 4 2015)
