Photo: National Bank of Kazakhstan

BAKU, Azerbaijan, July 5. During the April-May 2026 period, Uzbekistan reinforced its position as one of the primary destinations for cross-border money transfers from Kazakhstan, demonstrating notable growth in transaction volumes.

According to the data from the National Bank of Kazakhstan, in May 2026, Kazakhstan sent money transfers to Uzbekistan totaling 17.63 billion tenge (about $37.35 million), which is a 35.2% increase compared to the April figures of 13.05 billion tenge ($27.65 million).

The number of transactions also showed significant momentum, rising from 20.61 thousand in April to 23.50 thousand in May. Consequently, Uzbekistan’s share in the total volume of money transfers sent from Kazakhstan abroad increased: while it accounted for 23.7% in April, this figure reached 32.9% in May.

Meanwhile, the influx of funds from Uzbekistan to Kazakhstan displayed mixed dynamics. In May 2026, the volume of transfers received from Uzbekistan amounted to 1.25 billion tenge ($2.65 million), which is slightly lower than the April figure of 1.64 billion tenge ($3.47 million). The number of transactions from Uzbekistan also decreased from 2.15 thousand in April to 1.68 thousand in May, and the country's share in the total volume of inbound transfers to Kazakhstan declined from 10.1% to 8.3%.

The rise in outbound transfers to Uzbekistan, occurring against the backdrop of an overall market slowdown, indicates deepening economic ties and the intensification of private financial flows between the republics, whereas inbound flows to Kazakhstan are characterized by more moderate indicators