The average commission rate for money transfers increased by 3.7% in January-November 2021, according to the data of the State Statistics Committee.
In particular, in November 2021, the cost of this service on average rose by 1% at once. Before that, prices have been rising slowly for several months.
Thus, in September 2021, the monthly growth of the average commission was 0.1%, and since January 2021 – 2.1%. In November 2021, the commission already increased by 0.3%, and since the beginning of the year – by 2.6%. Taking into account the abovementioned, the commission increased by 0.2% in October 2021.
Money transfers to Uzbekistan in 11 months of 2021 amounted to $7 billion – 35% more than a year earlier. These funds make it possible to maintain the exchange rate of the sum, as well as the purchasing power of the population. In particular, Uzbekistan retains the first place in the CIS in terms of transfers from Russia. In July-September 2021, migrant workers transferred $1 billion from there – almost half of all transfers to the Commonwealth countries.
According to the World Bank’s report on money transfers, during the pandemic, the average commission for transferring $200 from Russia to Uzbekistan fell from 1.8% to 1%. This is much lower than the global average of 6.4% – however, transfers from Russia are generally cheaper than world ones, the World Bank notes. (Uzreport/Business World Magazine)
