US$2.576 billion were sent through money transfer system to Tajikistan from Russia last year, which was 23 million U.S. dollars more than in 2018, according to Russia’s central bank.
Last year, remittances from Tajik citizens sent through money transfer system to the country from Russia were reportedly equivalent to nearly 33 percent of all economic output (as measured by gross domestic product, or GDP).
Uzbekistan topped CIS nations in terms of remittance flows sent from Russia through money transfer systems in 2019.
4.7 billion U.S. dollars were reportedly remitted to banks in Uzbekistan from the Russian Federation last year, which was 700 million U.S. dollars more than in 2018.
Over the past three years, the volume of remittance from Russia to Tajikistan has remained practically at the same level: US$2.576 billion in 2019; US$2.553 in 2018; and US$2.536 billion in 2017.
Tajikistan is one of the world’s most remittance dependent countries and labor migrants are still a critical component in the economy of Tajikistan. Remittances keep many struggling families at home above the poverty line.
An estimated 1 million Tajik labor migrants are currently working in the Russian Federation, according to some sources.
According to World Bank data, remittances accounted for almost 44 percent of Tajikistan’s GDP in 2013, just over 37 percent in 2014, down to under 29 percent in 2015, and to a bit under 27 percent in 2016. The share of GDP reportedly went up to 31 percent in 2017 and was 29 percent in 2018.
In early 2016, the National Bank of Tajikistan (NBT) said Tajik migrant laborers in Russia actually sent back more rubles in 2015 than in 2014, but the depreciation of the ruble meant the money sent back to Tajikistan was worth 33 percent less in 2015, according to Radio Liberty.
In 2014-15, the Russian ruble fell from 32.85 to $1 to 72.69/$1.
The Russian ruble rate was about 66/$1 on March 3, 2020, and one week later it fell to 71/$1 (down from a high of 74/$1 on March 9).
