Over the course of 11 months of the current year, the total volume of remittances reached $3.22 billion, which already exceeds the previous record set in 2022 ($3.09 billion), triggered by geopolitical upheavals.
If December is taken into account, the annual total may reach around $3.5 billion, suggesting a growth of 15-20% compared to 2024.
The Role of Russia
Russia continues to be the main source of remittances; however, the structure of these remittances is undergoing changes.
2022: A sharp increase in remittances to $3.09 billion occurred against the backdrop of the start of a special military operation, as well as due to the migration of capital and people.
2023-2024: During this period, a decline was observed to $2.7 billion in 2023, but growth resumed thereafter.
Diversification: Although Russia still holds a dominant position, there is an increase in the share of remittances from other countries, indicating diversification processes.
Sharp Increase in Remittances from the USA
Remittances from the United States are showing rapid growth, becoming an important factor for stability.
Multiple Increase: Since 2020, the volume of remittances from the USA has increased more than threefold — from approximately $26 million to ~$95 million over 11 months of 2025.
Seasonal Fluctuations
Analysis of monthly data shows a clear seasonality:
Minimum Values: January and February are traditionally quiet months.
Peaks: Peaks occur in July-October (the time of seasonal work) and December (New Year remittances).
Exception: The year 2022 was an exception when peaks shifted due to political events (March-June).
The economy of Kyrgyzstan still heavily relies on cash inflows; however, this flow is becoming increasingly stable and diverse. The record volumes of remittances in 2025 highlight the high adaptability of both migrants and businesses to new conditions.
