Uzbekistan to face drop in remittance inflows in 2022, forecast says

By Trend

Uzbekistan is likely to experience major declines in remittance flows in 2022, Trend reports via World Bank latest report.

According to the WB, the crisis in Ukraine and anti-Russian sanctions will lead to a drop in officially registered remittance flows by 21 percent in Uzbekistan.

The Global Knowledge Partnership on Migration and Development (KNOMAD), which is an initiative of WB, projects that cash flows to low- and middle-income countries in Europe and Central Asia will decline by 1.6 percent in 2022 after rising by 7.8 percent in 2021.

Despite the increase in transfers to Ukraine by more than 20 percent, Western sanctions imposed on Russia will lead to difficulties with transfers to the countries of Central Asia and the Caucasus.