The World Bank expects remittances to Uzbekistan to decline by 21 percent year-on-year in 2022 due to the economic situation in Russia, the country’s one of top trade partners.

According to the bank, the share of remittances to Uzbekistan from Russia is 5 percent.

Earlier, the World Bank projected the 3 percent growth of remittances to Uzbekistan in 2022.

Remittances to Uzbekistan rose by 18 percent year-on-year to $506.1 million in January, the central bank said in February.

According to the central bank, remittances from Uzbekistan to other countries in January 2022 amounted to $127.6 million, 26 percent more than in January 2021.

In the first month of the year, the volume of purchases of foreign currency by individuals increased by 11 percent compared to 2021, amounting to $464.2 million. Commercial banks sold $613.6 million, which is 61 percent more than in the same period of the last year.

In 2021, remittances to Uzbekistan amounted to $8.1 billion, up from $6.99 billion in 2020.