In the third quarter of this year, remittance flows from the Russian Federation to Tajikistan have reportedly declined by 15.6 percent compared to the same period last year.
According to Russia’s central bank, 652 million U.S. dollars have been sent through money transfer system to Tajikistan from the Russian Federation over the third quarter (July-September) of this year, which was 121 million U.S. dollars fewer than in the same period last year
773 million U.S. dollars were reportedly remitted to Tajikistan from Russia in July-September, 2016.
In all, 1.432 billion U.S. dollars have been remitted to Tajikistan from the Russian Federation over the first nine months of this year, which was 243 million U.S. dollars or 14.5 percent fewer than in the same period last year.
1.675 billion U.S. dollars were reportedly remitted to Tajikistan from the Russian Federation over the same period last year.
Uzbekistan has topped CIS nations in terms of remittance flows sent from Russia through money transfer systems over the first nine months of this year.
However, remittance flows from Russia to Uzbekistan have also declined. 2.013 billion U.S. dollars have reportedly been remitted to Uzbekistan from the Russian Federation over the first nine months of this year, which was 14.4 percent fewer compared to January-September, 2015.
Meanwhile, remittance flows sent through money transfer system from Russia to Kyrgyzstan have increased over the report period. In January-September 2016, 1.286 billion U.S, dollars have been remitted to Kyrgyzstan from Russia over the same nine-month period, which was 21 percent more than in the same period last year.
The economic contraction in Russia, a major remittance source country, has resulted in migrant job losses while the depreciation of the ruble has reduced the real incomes of migrant workers in Russia and reduced the value of remittances in US dollar terms. Central Asian countries are the hardest hit, due to their heavy dependency on remittances from Russia.
Tajikistan is the world’s most remittance dependent country and labor migrants still remain a critical component in the country’s economy.
According to official figures, 308,676 labor migrants, including 40,682 women, have left Tajikistan over the first six months of this year seeking better employment opportunities, which was 8.0 percent or 27,949 people less than in the same period last year. Over the report period, Tajik seasonal workers have reportedly traveled primarily to Russia (301,654) but also to neighboring Kazakhstan (6,043), Kyrgyzstan and Uzbekistan.
The decline in labor migration is connected to the financial crisis in Russia, the weakening of the country’s currency, as well as Russia’s tough new regulations for migrants.
