Uzbekistan expects 50% reduction of remittances from abroad

The volume of remittances to Uzbekistan from abroad according to the results of April-July 2020 may decrease by 50%. This follows from the review of the Central Bank of the Republic, which was published on May 1 on the website of the regulator. According to the Central Bank, the decrease in remittances is due to the deterioration of the economic situation in the partner countries of Uzbekistan. The economic downturn will have a full impact on transfers in the second quarter of 2020. By the end of the year, the volume of transfers will decrease by 30 35%. In April 2020, remittances decreased by 50%. However, there has been a slight recovery since the third week of April. It should be noted that according to the forecast of the Central Bank of Uzbekistan, the GDP of the country according to the results of 2020 will grow by 1.5 2.5%. The World Bank predicts the growth of the economy of the republic by 1.6%. Read also: Reprieve on loans in Uzbekistan granted in the amount of $2.1 billion