DUSHANBE, July 22, 2015, Asia-Plus — Remittance flows to Tajikistan are reportedly continuing to decline.
In a report released at a news conference in Dushanbe, the head of the National Bank of Tajikistan (NBT), Jamshed Nourmahmadzoda, revealed on July 21 that 1.162 billion U.S. dollars have been remitted to banks in Tajikistan over the first six months of this year, which was 32 percent fewer than in the same period last year.
He noted that many international financial institutions forecast 40-55 percent drop in remittance flows to Tajikistan this year. “However, we cannot agree with such forecasts,” Tajik central bank head said, noting that according to the NBT forecasts, the drop in remittances to Tajikistan will be not more than 27 percent.
“The volume of remittance flows to Tajikistan is gradually recovering,” Nourmahmadzoda noted.
The depreciation of the ruble compounded the decline in the US dollar value of remittances to Tajikistan. “52 billion Russian rubles have been remitted to banks in Tajikistan over the first half of this year, which was 5 billion rubles more than in the same period last year,” the NBT head said.
Tajikistan, which sends approximately one-half of its working age males to labor in Russia, is the most remittance-dependent country in the world.
Labor migrants still remain a critical component in the economy of Tajikistan and remittances play a significant role in supporting the country’s economic activity.
Thus, last year’s remittance flows to Tajikistan were estimated to account for 45 percent of country’s gross domestic product, which stood at 45.6 billion somoni (equivalent to 8.6 billion USD) in 2014.
