KHOROG, July 9, 2009, Asia-Plus — Labor migrants’ remittances to banks in Gorno Badakhshan have reportedly fallen 34 percent.
According to the GBAO economic development and antimonopoly policy agency, labor migrants have remitted 11.2 million U.S. dollars to branches of commercial banks in the region over the first six months of this year, which is 4.5 million dollars, or 34 percent, fewer than in the same period of last year. In January-June 2008, labor migrants remitted some 15.7 million US dollars to banks in Gorno Badakhshan.
Branches of all commercial banks operating in the region have reported significant decline in remittances from labor migrants; however, the largest decline has been reported in branches of Orienbonk and Tojik Sodirot Bonk (SDB). Experts attribute the decline to effects of the global financial crisis.
