It should be noted that these figures reflect a growth of 16.7 percent compared to previous periods; however, they do not include data for December.
At the same time, the volume of transfers from Russia to countries such as Kazakhstan, Georgia, Armenia, and Azerbaijan has returned to the levels of 2021. In 2022, there was a sharp increase caused by the mass exodus of Russians, but in 2023, activity declined due to the "adaptation effect" and issues with international transfers.
For example, transfers to Armenia fell by 59 percent, amounting to $1.3 billion compared to nearly $4 billion in 2022.
There was also a recorded decrease in transfers to Georgia by 13.6 percent and to Kazakhstan by 21.8 percent.
Experts agree that Kyrgyzstan continues to be one of the most convenient financial centers for both businesses from Russia and ordinary citizens. Local banks are eager to open accounts for Russians, which facilitates the resolution of everyday tasks such as paying for purchases in online stores or expenses while traveling. Additionally, it serves as an option for currency diversification, as transfers in rubles from Russia remain accessible.
For businesses, Kyrgyzstan offers even more advantages: simplicity in company registration, moderate banking compliance requirements, low taxes, and favorable legislation, including the possibility of legally dealing with cryptocurrencies.
