In April this year, a shift appeared in the flow of remittances from Russia to Kazakhstan. The total value moved in that month dropped for the first time in a year, marking a 44 percent year over year decline to 10.2 billion tenge, equivalent to about 1.7 billion rubles. This represented the weakest level since April 2022, according to data from the National Bank analysts cited by RBC.
Alongside the annual drop, monthly figures also showed a retreat. By the end of April, the remittance volume from Russia to Kazakhstan stood lower than it had just a month earlier, and the March 2023 figure was 12.2 billion tenge or roughly 2.1 billion rubles, about 16 percent above the April result. The comparison underscores a broader slowdown in early 2023 for funds moving from Russia to Kazakhstan, as reported by central bank observers.
Analysts noted that April 2023 saw remittances totaling 10.2 billion tenge, or about 1.7 billion rubles, which marks the smallest amount since April 2022. This decline mirrors a shift in the cross-border money transfer pattern and reflects evolving economic conditions in the region, as analyzed by the National Bank researchers.
Looking at the year’s first quarter, the National Bank’s analyses indicate a sharp uptick in remittances from Russia to Kazakhstan compared with the same period in 2022. The volume reached about 33.9 billion tenge, a rise exceeding 300 percent year over year. This surge highlighted Russia’s notable role among foreign individuals sending funds to the Central Asian republic during that timeframe, according to central bank assessments.