The outflow of money from Kyrgyzstan by individuals increased by 58% in May compared to January

Kyrgyz citizens continue to transfer significant amounts of money abroad. In May alone, $36.2 million was transferred out of the country, which is 58.1% more than in January, when the volume of cross-border transfers by individuals amounted to $22.9 million.

The increase in outflows is happening as transfers to Russia keep going up. In five months, Russia got $122.4 million out of the total $145.4 million that left the country. That's a bit over 84% of all the money transferred.

In addition, Kyrgyz citizens transferred $1.6 million to Kazakhstan and $18.6 million to countries outside the former Soviet Union, of which $17 million went to Turkey.

This year, the outflow has been growing month by month, which may indicate continued growth in external consumption and transfers to support relatives abroad.

Although the outflow of funds is growing, the inflow of remittances into the country remains significantly higher. During the same period, $1.367 billion was received, mainly from Russia. Thus, the balance remains in favour of Kyrgyzstan, with a net inflow of $1.221 billion for the five months, minus the outflow.