Cross-border transfers from Kyrgyzstan to China increased by more than 45%

Kyrgyzstan continues to increase the volume of cross-border money transfers to China. These transfers are made from one bank or financial institution in one country to another, usually through the banking system.

According to data from the National Bank, in 2024, the total volume of such transfers to China amounted to 1 billion 509.8 million KGS. Compared to 2023, when just over 1 billion KGS were sent, the increase was 45.2%.

The growth began in the third quarter of 2023 and continued until the first quarter of 2024, reaching 377.7 million KGS in three months. However, in the second quarter of 2024, there was a decline of 33.4% to 251.4 million KGS. Nevertheless, the decline was temporary, and the remaining six months compensated for the reduction. Thus, 360.4 million KGS were transferred in the third quarter and 520.3 million KGS in the fourth quarter. This became one of the largest quarterly volumes in the history of the National Bank's observations (the fourth largest indicator).

Despite the growth, 2024 was not a record year for cross-border transfers from Kyrgyzstan to China. The leader remains 2022, when the total volume of transfers reached 1 billion 865.4 million KGS.

We would like to add that the first results of this year are already known. In particular, in the first three months, 330.8 million KGS were sent from Kyrgyzstan to China, significantly less than in the previous quarter. However, seasonal factors should be taken into account. As practice shows, the highest activity in cross-border transfers from Kyrgyzstan to China is traditionally observed in the last quarter of the year.